Silicon Valley technology investor Y Combinator has invested an undisclosed sum in credit-focused fintech startup SaveIN as part of its Winter 22 batch, SaveIN said in a statement.
The Gurugram-based firm is present in Delhi NCR and is eyeing expansion across other major Indian cities in the next few months.
It was set up in 2020 by ex-banker and fintech professional Jitin Bhasin, who teamed up with Gaurav Luthra (Ex-founder Whatsuplife) and Anurag Varma (ex-EY Hong Kong).
“Healthcare has never been more important and we are delighted to introduce India’s first BNPL service in healthcare segment through a deep integrated healthcare finance solution across our vetted and fast-growing partner network," said Bhasin.
SaveIN’s healthcare finance solution ‘Care now, Pay Later’ covers healthcare procedures including dental, optical and diagnostics, cosmetic, physiotherapy and veterinary through a partner network facilitating timely care with affordable repayment plans.
"This presents a $20 bn market, comprising of outpatient medical products and services that are typically not covered by insurance," the company said in a statement.
The fintech start-up aims to disrupt the consumer credit market with its innovative products and solutions. The company has roped in Rahul Gupta as Chief Financial Officer (former VP-Finance at Stashfin) and Karan Jain as Chief Operating Officer (former Director at Bankbazaar).
SaveIN had secured funding, in May and September last year from leading angel investors from India and abroad.
First half of 2021 has seen over $14 billion in VC investments in healthcare based fintech solutions across the globe and healthcare is widely touted to be the next frontier in buy now, pay later domain, the company added.
Y Combinator is a start-up accelerator which provides seed funding for start-ups. Recently, it invested in employee management fintech start-up SalaryBox, direct-to-consumer (D2C) orthodontic start-up Snazzy, and real estate investment platform PropReturns.