Y-Combinator-backed fintech startup SaveIN has announced it has raised additional $1.1 million in extended Seed round taking its total investment amount to over $5 million. It said that this one of the largest Seed funding rounds in this domain.
The Gurgaon-based startup had raised $4 million last month from a clutch of investors from Silicon Valley and Europe. The current round is led by Bayhouse Capital based in Guernsey.
The company plans to deploy this capital towards product development, growing in-house teams and market expansion.
“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.
Indians spend $100 billion per annum on healthcare and over 75 percent of this is out-of-pocket expense given the low levels of penetration of formal credit and health insurance in the country. SaveIN is enabling embedded finance at checkout across individual healthcare providers including Dentists, Ophthalmologists, Dermatologists, Veterinarians, Wellness centers, Haircare and others.
SaveIN aims to onboard 5,000 healthcare to its partner network by the end of 2022 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.
