The newly raised capital is expected to be to the tune of $3 Mn as SaveIN had announced raising $4 Mn as a part of the round in April
It raised the capital from its existing investors, which include Bayhouse Capital, 10X Group, and more
SaveIN said it has expanded the reach of its ‘Care Now, Pay Later’ product to over 1,000 healthcare and wellness providers in India
Buy now pay later (BNPL) platform for healthcare SaveIN has raised more capital from its existing investors as a part of its seed funding round, taking the total amount raised to over $7 Mn.
The newly raised capital is expected to be to the tune of $3 Mn as the Gurugram-based startup had announced raising $4 Mn as a part of the round in April.
Earlier, it raised funds from institutional investors including Y Combinator, Leonis VC, 10X Group, Goodwater Capital, Nordstar, Rebel Fund, Soma Capital, Pioneer Fund, Bayhouse Capital, and SCM Advisors with further participation from Oliver Jung, Grant Park Ventures, Leblon Capital, Almagro GmbH, and MyAsiaVC, among others.
Back then, SaveIN planned to use the fresh funds to accelerate product development, and strengthen in-house teams in engineering, product, data science, and sales along with deploying money to grow its network of healthcare providers across India.
While the plans remain the same with this round of funding, the startup said in its latest statement that SaveIN has already expanded the reach of its ‘Care Now, Pay Later’ product to over 1,000 healthcare and wellness providers across the country enabling on-demand credit and easy EMIs at the point of care.
“With over 2 Mn healthcare providers in India, we have a long way to go and we will continue to invest in our people, product and distribution, to realize our vision of facilitating hyper-local, quality healthcare with enhanced affordability,” said Jitin Bhasin, founder and CEO of SaveIN.
Founded in 2020 by Bhasin, Anurag Varma, and Gaurav Luthra, SaveIN offers healthcare finance solutions to patients. The startup currently claims to be present in more than 30 cities, including the major metros and Tier 1 places. It facilitates outpatient and elective healthcare procedures including day care surgeries, gym memberships, preventive wellness and alternative therapies across its rapidly growing partner network. It supports procedures across segments including dental, dermatology, eye, hair care, and more.
In India, where penetration of private health insurance still continues to be low and increasing healthcare expenses come heavy on individual savings, health is widely touted to be the next frontier for on-demand credit, believes SaveIN. Hence, the startup is positioning itself uniquely to cater to this market, enabling people split their healthcare and wellness expenditure into affordable EMIs.
In the broader BNPL space, the startup is competing with the likes of Simpl, Snapmint, Pocketly, ZestMoney, LazyPay, QubeHealth, and more.
As per a recent report, the Indian BNPL market grew at a compound annual growth rate (CAGR) of about 321% by Gross Merchandise Value (total value of the loans disbursed to consumers), during FY19-FY21.
An Inc42 report suggests that the sector is expected to grow 11X between 2021 and 2025 to $43.3 Bn by 2025.