Indian startup SaveIN has completed an $8 million funding round to improve accessibility and affordability using technology in the private healthcare sector.
SaveIN platform connects users who require medical services with quality healthcare providers. They can find basic treatments and elective procedures in the app, including alternative therapies and preventive wellness programs. Patients can also use the app to pay their healthcare providers without added costs.
In India, many people still live with minimum wages and these low-income people will have difficulty affording healthcare expenditures. Furthermore, the penetration level of private health insurance among Indians is relatively low. SaveIN aims to provide on-demand credit for healthcare consumers.
In January 2022, the Gurugram-based startup introduced the “Care now, Pay Later” program. This program allows patients to receive immediate medical aid even if they do not have sufficient funds. Patients can later repay their medical expenses with SaveIN’s flexible repayment system, which is 100 percent digital.
As of now, SaveIN has worked with more than 2,000 healthcare providers across 60 Indian cities. It offers more than 300 healthcare products to its users.
Among the startup’s earliest investors, Silicon Valley-based venture capitalist Pioneer Fund led the latest capital raising. Y-Combinator, Bayhouse Capital, 10X Founders and Leonis Fund were several institutional investors also participating in the funding round.
Pioneer Fund senior venture partner Tiffany Kuo said her company believed in SaveIN’s mission to improve healthcare affordability. Kuo added that Pioneer Fund had been monitoring SaveIN’s performance since its initial investment, saying that the startup could run efficiently while scaling up.
According to SaveIN founder and CEO Jitin Bhasin, this round of funding showcases SaveIN’s unique approach to building a transformational business that implements the crossover between healthcare and finance.
Bhasin also said that SaveIN would utilize the fund to invest in human resources, product offerings and marketing its brand.
“Being healthy is priceless and SaveIN is committed to simplifying healthcare for Indians using the best of technology and relentless execution,” Bhasin said.
