Credit-focused fintech platform SaveIN on Tuesday said it has secured seed funding of $4 million (Rs 30 crore) from Y-Combinator, 10X Group, Leonis VC, Goodwater Capital, Nordstar, Rebel Fund, Pioneer Fund, Soma Capital and SCM Advisors.
The round also saw participation from Oliver Jung, Grant Park Ventures, Leblon Capital, Almagro GmbH, MyAsiaVC, Kube VC, Spenmo Founder Mohandass Kalaichelvan and serial healthcare entrepreneur Vimal Kavuru, among others, the company said in a statement.
Gurugram-based SaveIN was set up in 2020 by ex-banker and fintech professional Jitin Bhasin, who teamed up with Gaurav Luthra (Ex-founder Whatsuplife) and Anurag Varma (ex-EY Hong Kong).
The fintech startup has been working to build a network of healthcare providers, with an aim to offer embedded finance and pay later options at clinics across the country, the statement said.
It claimed to have onboarded over 500 healthcare and wellness clinics across five Indian cities, just three months after launch of its flagship ‘Care now, Pay later’ product.
“We aim to utilize these funds for accelerating product development, strengthening in-house teams in engineering, product, data sciences, and sales while growing our network of healthcare practices across the country,” said Jitin Bhasin, Founder and CEO, SaveIN.
“Private healthcare in India is riddled with challenges of access, transparency, quality and affordability. We at SaveIN, aim to create India’s largest integrated private healthcare ecosystem, addressing these challenges through technology first solutions,” Bhasin added.
SaveIN further said it is focusing on outpatient and elective healthcare procedures like dental, eye care, veterinary, diagnostics, dermatology and alternate therapies among others.
The company also claims to offer a 60-second, digital checkout finance option for patients at minimal or zero cost EMIs, across its network of high-quality healthcare providers, thereby simplifying private healthcare.
Silicon Valley-based Y Combinator is a startup accelerator which provides seed funding for startups. It has invested in employee management fintech startup SalaryBox, direct-to-consumer (D2C) orthodontic start-up Snazzy, and real estate investment platform PropReturns.
In January, Y Combinator invested an undisclosed sum in SaveIN as part of its Winter 22 batch.
The company claims that it is the first platform to roll out ‘buy now pay later’ (BNPL) product on healthcare for Delhi-NCR providers.
