Total amount raised
$8.5 Millions
Latest funding date
Location
SaveIN has successfully raised funds through a Seed round closed on December 26, 2022, with backing from 21 investors, including Pioneer Fund and 10x Group. The platform offers financial solutions like "Care Now, Pay Later," enabling users to split their medical bills into monthly installments without any interest.
Keep reading to explore the intricacies of SaveIN's fundraising journey and the investors backing this innovative platform.
What Is SaveIN?
SaveIN, founded on November 20, 2020, operates in the Credit, FinTech, and Health Care industries. The company is headquartered in New Delhi, Delhi, India, and was established by Anurag Varma, Gaurav Luthra, and Jitin Bhasin.
With an employee count ranging between 51-100, SaveIN aims to make healthcare more accessible by allowing users to discover healthcare practices and split their medical bills into monthly installments. The company offers services like "Care Now, Pay Later," "Healthcare Provider Onboarding," and "Instant Payment Transfer."
How Much Funding Has SaveIN Raised?
- Pre-Seed Round
- Amount Raised: $500K
- Date: January 2022
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial product offerings.
- Seed Round
- Amount Raised: ₹300M
- Date: April 2022
- Lead Investors: Goodwater Capital, Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and expand the network of healthcare providers.
- Seed Round
- Amount Raised: ₹84M
- Date: May 2022
- Lead Investors: Bayhouse Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand the "Care Now, Pay Later" product to more healthcare providers.
- Seed Round
- Amount Raised: ₹162M
- Date: July 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen in-house teams and enhance product offerings.
- Seed Round
- Amount Raised: ₹82M
- Date: December 2022
- Lead Investors: Pioneer Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue expanding the company's reach and improve financial solutions.
Total Amount Raised: $7 million
Current Valuation: Not publicly disclosed
Key Investors
- Pioneer Fund
- Details: Pioneer Fund is a venture capital firm that invests in early-stage startups, often those that have gone through Y Combinator. They focus on providing seed funding and support to innovative companies.
- Investment Focus Areas: Early-stage startups, technology, innovation
- Notable Investments: Various early-stage tech startups
- Bayhouse Capital
- Details: Bayhouse Capital is a Guernsey-based investment firm. They have shown a recent interest in healthcare-focused fintech startups.
- Investment Focus Areas: General investment focus, healthcare-focused fintech startups
- Notable Investments: SaveIN
- Goodwater Capital
- Details: Goodwater Capital is a venture capital firm that invests in consumer technology companies. They aim to support products and services that improve consumer experiences.
- Investment Focus Areas: Consumer technology companies
- Notable Investments: Musical.ly (now TikTok), Kakao
- Y Combinator
- Details: Y Combinator is a well-known startup accelerator that provides seed funding, advice, and connections to early-stage startups. They have a strong emphasis on technology and innovation.
- Investment Focus Areas: Early-stage startups across various sectors
- Notable Investments: Airbnb, Dropbox, Stripe, Reddit
- 10X Group
- Details: 10X Group is a venture capital firm focused on high-growth technology startups. They provide funding and strategic support to innovative companies.
- Investment Focus Areas: High-growth technology startups
- Notable Investments: SaveIN
What's Next for SaveIN?
SaveIN is poised to capitalize on the burgeoning healthcare finance market in India. With plans to expand its "Care Now, Pay Later" product to over 1,000 healthcare and wellness providers, the company is tapping into a vast market of over two million healthcare providers. This expansion presents a significant opportunity for growth, especially in outpatient and elective procedures.
Given the rapid growth of the Buy Now Pay Later (BNPL) market, which is expected to reach $43.3 billion by 2025, SaveIN is well-positioned for future fundraising opportunities. The company may attract further investments to support its expansion and product development initiatives. However, challenges such as competition from other BNPL platforms and regulatory hurdles could pose obstacles along the way.
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