Fintech startup SaveIn has raised $4 million (about Rs 30 crore) as part of its seed round from existing backer YCombinator and others including 10X Group, Leonis VC, and Goodwater Capital. Nordstar, Rebel Fund, Pioneer Fund, Soma Capital and SCM Advisors also participated in the funding round.
The round also saw participation from Oliver Jung, Europe’s top angel investor, 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 it would deploy the capital to develop its product, hire people as well as in branding.
Founded in 2020 by Jitin Bhasin, Anurag Varma and Gaurav Luthra, SaveIn caters to healthcare needs by offering financing and credit options to patients at zero-cost equated monthly instalments (EMIs) across its network of healthcare providers.
Also, Read This: SaveIN Raises Undisclosed Amount of Funding From Multiple Investors
The Gurugram-based startup covers outpatient services and elective healthcare procedures like dental, eye care, veterinary, dermatology, haircare, and fertility. The company is creating a network of healthcare providers to offer embedded finance and pay-later options at clinics across the country.
“We are planning to enhance and develop our product in the next 3-6 months…basically all the money will be used for the growth of our business. We currently have around 500 healthcare providers on our platform; we will be onboarding around 5,000 more by the end of this year,” Bhasin told ET.
“With $70 billion in out-of-pocket expenditure and extremely low penetration of health insurance, healthcare in India is ripe for disruption through embedded finance that can be offered to drive 3 million healthcare providers across the country,” the company said in a statement on Tuesday.