Credit-focused fintech startup SaveIN has raised $1.1 million (around Rs 8.4 crore) in additional funding from Guernsey-based Bayhouse Capital as part of its extended seed round.
The Gurugram-based platform plans to use the fresh capital towards product development, growing in-house teams and market expansion.
The company had secured $4 million (Rs 30 crore) last month, from Y-Combinator, 10X Group, Leonis VC, Goodwater Capital, Nordstar, Rebel Fund, Pioneer Fund, Soma Capital and SCM Advisors, in the first leg of its seed funding round.
SaveIN was set up in 2020 by ex-banker and fintech professional Jitin Bhasin, who teamed up with Gaurav Luthra (ex-Founder What’s Up Life) and Anurag Varma (ex-EY Hong Kong).
The fintech startup has been working to build a network of healthcare providers, with an aim to offer embedded finance and pay-later options at clinics across the country, it said in a statement on Thursday.
“This is a testimony to our vision of creating India’s largest integrated healthcare ecosystem powering access, quality and affordability in private healthcare.
“The care-now, pay-later segment is huge and we at SaveIN have grown over 15 times 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 and CEO of SaveIN.
The company also aims to onboard 5,000 healthcare to its partner network by the end of 2022, thereby, creating a large hyperlocal ecosystem of offline healthcare facilities across Indian cities, it added in the statement.
The fintech space in India is gaining a lot of investors’ attention.
Today, Innoviti Payment Solutions Pvt. Ltd, which operates an eponymous payments-focused financial technology firm, raised an additional Rs 75 crore ($9.6 million) as part of its Series D funding round from existing investor FMO, the development finance institution of the Netherlands.
Early this month, VCCircle reported that Ken Capital Technologies-owned fintech platform, Klub is looking to double its investments from its revenue-based financing (RBF) fund over the next 6 months.