Other investors participating as a part of the round include – Nordstar, Rebel Fund, Pioneer Fund, Soma Capital, and SCM Advisors.
According to the company, it will be deploying the proceeds from the current raise to develop its product, make newer hirings as well as branding.
Founded in 2022 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 installments (EMIs), across its network of h healthcare providers.
The Gurgaon-based startup covers outpatient services and elective healthcare procedures like dental, eye care, veterinary, dermatology, haircare, and fertility, among other procedures.
“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,” said Bhasin, cofounder of SaveIN in an interaction with ET.
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The fintech startup is creating a network of healthcare providers to offer embedded finance and pay later options at clinics across the country.
“We currently have around 500 healthcare providers on our platform, we will be onboarding around 5,000 more by the end of this current year (2022),” added Bhasin.
The company which is currently operating in the business-to-business (B2B) space, plans to venture into the business-to-consumer (B2C) space in the near future.
The company is working on creating a hyperlocal discovery platform to cater to the healthcare needs of individuals.
“Our platform will have the combined business model of Practo and ZestMoney for healthcare. We will be aggregating private healthcare practices on one side and will make it affordable and accessible,” Bhasin added.
The company competes in parts with ZestMoney, LazyPay, and other buy now pay later (BNPL) platforms. However, the startup focuses only on offering credit offline to healthcare services. Globally SaveIN mirrors the business models of US-based Sunbit and Scratchpay.
“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 media statement.
