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Friday, January 27, 2023

Healthcare-fintech startup SaveIN raises more capital thanks to rapid expansion

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SaveIN, a healthcare-fintech firm located in Gurugram, has received more money as a result of the company’s quick development in its first year of operation.

The company has now collected $ 8M in total over the previous nine months, making it one of the biggest early-stage rounds among Indian entrepreneurs in 2022. The new round is led by one of SaveIN’s first investors, Silicon Valley-based Pioneer Fund.

SaveIN is constructing a comprehensive healthcare ecosystem in which it links clients to excellent healthcare providers in its network and provides checkout funding in the form of quick zero-cost EMIs, hence increasing access and affordability in private healthcare.

In January 2022, the firm started its Treatment now, Pay later service and has since developed swiftly to create a network of over 2500 healthcare and wellness facilities across 50 cities in India, where thousands of consumers have benefited from superior care at a lower cost through zero-cost EMIs.

SaveIN initially included out-patient healthcare procedures such as Dental, Dermatology, Eye, Veterinary, Hair Care, Gym memberships, Preventive wellness, and alternative therapies.

Jitin Bhasin, SaveIN Founder and CEO, says. “We are very humbled by the ongoing support we receive from both investors and partners.  This fundraising round from existing investors, particularly at this stage, is a strong affirmation of our unique strategy to create a really revolutionary and need-based business at the intersection of healthcare and finance. We will continue to invest in People, Products, and Distribution in order to accomplish our mission of providing hyper-local, high-quality healthcare at an affordable price for everybody.”

Bhasin added, “Being well is valuable, and SaveIN is devoted to simplifying healthcare for Indians by leveraging the greatest technology and tireless execution. We have been an early backer of SaveIN and a major believer that making healthcare more accessible is a great unmet need and hence presents extraordinary prospects over the next decade.”

Tiffany Kuo, Senior Venture Partner, Pioneer Fund, said,  While the problem SaveIN is tackling is universal in nature, we have closely followed their execution in the Indian market and couldn’t be more delighted to increase our investment. Since its inception early this year, they have ran a very efficient firm while rapidly expanding. We are certain that SaveIN’s team is best positioned to handle this large market in India and abroad in the coming years.”

In a country like India, where private health insurance penetration remains abysmally low and out-of-pocket expenditure puts a significant strain on individual savings, health is widely touted as the next frontier for on-demand credit, and SaveIN is uniquely positioned to address these issues in private health care.

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