SaveIN Brings in $4M in Seed Funding for Product Development, Hiring

Indian FinTech company SaveIN has raised $4 million (about Rs 30 crore) in its seed funding round that it plans to use to develop its product, hire new employees and address its branding, according to a report in The Economic Times Tuesday (April 19).

Existing investor Y-Combinator, 10X Group, Leonis VC and Goodwater Capital led the funding round, with participation from Nordstar, Rebel Fund, Pioneer Fund, Soma Capital and SCM Advisors, among others, the report says.

Jitin Bhasin, Anurag Varma and Gaurav Luthra launched SaveIN to offer healthcare patients financing and credit options at zero-cost equated monthly installments across its network of providers. SaveIN’s offering covers outpatient services and elective healthcare procedures including dental, eye care, veterinary, dermatology, haircare and fertility.

“We are planning to enhance and develop our product in the next 3-6 months,” Bhasin told The Economic Times. “Basically all the money will be used for the growth of our business.”

SaveIN is creating a network of healthcare providers to offer embedded finance and care now, pay later options at clinics across the country, he said. The company has about 500 healthcare providers on the platform and plan to add another 5,000 by the end of the year, said Bhasin.

Related: Indian SaveIN Debuts ‘Care Now, Pay Later’ Healthcare Service

Late last year, SaveIN launched its paperless buy now, pay later (BNPL) product called Care Now, Pay Later to break healthcare expenses into more affordable payments, collaborating with more than 100 healthcare providers in Delhi, Gurgaon and Noida to work on dental, eye care, veterinary, diagnostics, dermatology, hair clinics, fertility, physiotherapy and other segments.

Care Now, Pay Later gives providers the option to offer flexible payment solutions, helping India expand its integrated healthcare offering to more people across the nation. Indians spend more than $40 billion on healthcare every year, with about 95% of that total coming out of their own pockets.

Elective healthcare in India is a $20 billion market, with optical/eye care, dental, diagnostics, veterinary, cosmetics and fertility among the largest categories, each growing 10% to 25% every year. Most of these services are not covered by insurance or instant credit programs.