SaveIN, a startup backed by Y-Combinator, has acquired additional funding due to the quick expansion the business has shown in the year since its launch.
The Healthcare-Fintech business has raised $8M in total over the past nine months, ranking it among the largest early-stage rounds among Indian startups in 2022.
One of the original investors in the company based in Silicon Valley, Pioneer Fund, is leading the new round. The company’s other significant institutional investors include Y-Combinator, 10X Founders, Bayhouse Capital, and Leonis Fund.
On-demand credit is commonly praised as the future of health. In a nation like India, where the penetration of private health insurance remains pitifully low and out-of-pocket payments severely strain personal savings, SaveIN is perfectly positioned to address these concerns in private health care.
“We will continue to invest in People, Products, and distribution, to realize our vision of facilitating hyper-local, quality healthcare with enhanced affordability for one and all. SaveIN is committed to simplifying healthcare for Indians using the best technology and relentless execution,” says SaveIN Founder and CEO Jitin Bhasin.
SaveIN offers checkout finance for healthcare needs
To increase accessibility and affordability in private healthcare, the Gurugram-based startup is creating an integrated healthcare ecosystem where it links customers to quality healthcare providers in its network and offers checkout finance to them through quick zero-cost EMIs.
The business introduced its Care now, Pay later service in January 2022 and has since expanded quickly to create a network of over 2500 healthcare and wellness centers spread across 50 Indian cities, where thousands of customers have benefited from access to high-quality care is more affordable thanks to zero-cost EMIs.
When SaveIN was launched, it included various outpatient medical services, including dental, dermatological, eye, veterinary, hair, gym, preventive wellness, and alternative therapies.
Tiffany Kuo, Senior Venture Partner Pioneer Fund, added, “We have been an early backer of SaveIN and a big believer that making healthcare more affordable is a great unmet need and thus offers unprecedented opportunities over the next decade.”
“While the problem SaveIN is solving has a universal appeal, we have closely observed their execution in the Indian market and couldn’t be more excited to double down on our investment. They have run an extremely efficient business while scaling up rapidly since their launch earlier this year. We are confident that team SaveIN is best placed to address this vast market in India and beyond over the next years,” added Tiffany Kuo.
