Y Combinator-backed SaveIn, a fintech startup that offers credit options in the healthcare sector, has raised $1.1 million in an extended seed round led by Bayhouse Capital, bringing its all-time raise to over $5 million.
The announcement comes a month after it raised $4 million from a clutch of investors based in Silicon Valley and Europe.
Founded in 2020 by Jitin Bhasin, Anurag Varma, and Gaurav Luthra, SaveIn offers financing and credit options to patients at zero-cost equated monthly installments (EMIs) across its network of healthcare service providers.
SaveIn says it will utilize the raised capital towards product development and hiring more talent, and expanding its presence in the market.
“The Care now, Pay later segment is huge and we at SaveIN have grown over 15X since launching five months ago, that too without significant marketing spends; this is reflective of strong signs of early product-market fit and we are confident of revolutionizing how Indians consume healthcare products and services”, said Jitin Bhasin, Founder & CEO, SaveIN.
Additionally, the fintech startup also aims to onboard 5,000 healthcare to its partner network by the end of this year, thereby creating a large hyper-local discovery-led ecosystem of offline healthcare facilities across leading cities of India offering quality healthcare services with enhanced affordability through instant EMIs.
According to the statement, Indians spend $100 billion per annum on healthcare and over 75% of this is out-of-pocket expense given the low levels of penetration of formal credit and health insurance in the country.
SaveIn further says it is enabling embedded finance at checkout across individual healthcare providers including Dentists, Ophthalmologists, Dermatologists, Veterinarians, Wellness centers, Haircare, and others.