Healthcare-Focused BNPL Startup SaveIN Raises $4 Mn To Offer Finance Solutions To Patients

New Delhi-based buy now pay later (BNPL) fintech startup SaveIN has raised $4 Mn (INR 30 Cr) in seed funding from institutional investors including Y Combinator, 10X Group, Leonis VC, Goodwater Capital, Nordstar, Rebel Fund, Pioneer Fund, Soma Capital and SCM Advisors.

The round also saw participation from other investors including Oliver Jung, Grant Park Ventures, Leblon Capital, Almagro GmbH, MyAsiaVC, Kube VC, Spenmo’s Mohandass Kalaichelvan and Vimal Kavuru among others.

The fresh capital will be used to accelerate product development, strengthen in-house teams in engineering, product, data science, and sales. The startup will further deploy money to grow its network of healthcare providers across India. 

Founded in 2020 by Anurag Varma, Gaurav Luthra and Jitin Bhasin, SaveIN offers healthcare finance solutions to patients. It is reported to offer a 60 second, digital checkout finance option for patients at minimal or zero cost EMIs across its network of healthcare providers. 

An Inc42 find from 30 Startups to Watch July 2021 edition, SaveIN is presently focusing on outpatient and elective healthcare procedures such as dental, eye care, veterinary, diagnostics, dermatology, hair care, fertility, wellness and alternative therapies among others.

SaveIN aims to create India’s largest integrated private healthcare ecosystem, addressing challenges through technology first solutions. It further aims to make healthcare providers across India serve up to 50% more patients through affordable EMIs. 

SaveIN is reported to have onboarded more than 500 healthcare and wellness clinics across five Indian cities after the launch of Care Now, Pay Later product. 

In January 2022, Y Combinator invested an undisclosed sum in SaveIN as part of its Winter 22 batch. 

Some of its competitors in the BPNL segment are Simpl, Pocketly, Snapmint, ZestMoney, and LazyPay.  

In March 2022, Mumbai-based fintech startup Snapmint raised $9 Mn in Series A funding round to expand its network of merchants and launch a suite of innovative BNPL products. The round was led by Prudent Investment’s Prashasta Seth. 

The round also saw participation from investors including 9 Unicorns, Anicut Capital, Negen Capital, Livspace’s Ramakant Sharma, and Northeastern University’s Usama Fayyad.  

In March this year, Bengaluru-based fintech startup Pocketly raised $3 Mn in a Pre-Series A funding round. According to the lending platform, the raised fund is a mix of debt and equity, with $2 Mn in debt and $1 Mn in equity.

The funding round was led by Dholakia Ventures. Besides, angel investors Kunal Shah of CRED, Apurva Parekh, ED of Pidilite; Siddharth Somaiya, founder and CEO of Organic Riot and Aaryaman Vir Shah, cofounder of Prophetic Ventures also participated in the round.

In January 2022, IppoPay raised $2.1 Mn in a seed round to strengthen its technology stack, expand into new geographies, and launch a BNPL service. The round saw participation from investors including Coinbase Ventures, Better Capital, Blume Founders Fund, and several high-profile angel investors. 

According to an Inc42 report, the Indian BNPL sector is expected to grow 11X between 2021 and 2025 to reach the $43.3 Bn mark by 2025. Another Inc42 report stated that as many as 22% of Indian consumers made purchases via the BNPL scheme in the last three months.