SaveIN: Medical startup SaveIN will focus on partnerships and plans to grow fivefold
SaveIN is experiencing “hyperbolic growth” and wants to be an on-demand hyperlocal open healthcare network that you can rely on, he says.
“We are addressing the issue of access, quality and affordability, the three pillars of healthcare. So SaveIN is being built as a fully integrated ecosystem designed to address these challenges,” Bhasin told PTI.
The healthcare-focused fintech startup caters to consumers seeking treatment across multiple fields such as hair, dermatology, dentistry, ayurveda/alternative therapies, ophthalmology, wellness and fitness. The platform covers almost 300 procedures.
SaveIN is available at centers in 100 cities.
“We hope to grow 5 times and look forward to expanding our network to 15,000 practitioners and clinics next year,” he said.
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SaveIN adopted a digital partnership expansion strategy that allowed it to expand its reach to approximately 3,000 healthcare partners (including clinics, healthcare providers, doctors, fitness centers, alternative therapy centers) within 12 months of launch. In the future, SaveIN will continue to focus on partnerships to expand its presence in the healthcare industry.
“Since inception, SaveIN has processed more than 1,000,000 client applications and helped those who wanted to get funding for healthcare products and services at our partners’ affiliates,” Bhasin said, adding that SaveIN currently provides an annual payout of Rs 100 crore. .
According to him, the company expects a five-fold growth.
Popular treatments include hair transplantation, body sculpting, weight loss, anti-aging and facial enhancement procedures, smile design, teeth straightening, orthodontic treatment, laser surgery, diabetes management, physical training, yoga and fitness memberships.
“We allow people to borrow up to Rs 2 lakh on a completely paperless, 100 percent digital model, fully compliant with RBI digital lending guidelines in partnership with NBFC,” said Bhasin.
Clients can choose payment plans, and SaveIN makes it easy to pay the doctor upfront. SaveIN charges a commission to these healthcare partners.
The SaveIN platform also collects consent-based datasets for risk assessment and quality assessment methods.
“Delhi, Mumbai, Hyderabad, Bangalore, Gurugram, Chennai are the leading cities when it comes to consumption. We are also seeing good consumption levels in Tier 1 and Tier 2 centers,” Bhasin said, noting that 70 percent of customers are between 25 and 45 years of age.
As for whether the company wants to raise more funds, Bhasin said that SaveIN is currently well capitalized. The company has raised $8 million in total seed funding.
“We are well capitalized and have raised perhaps the largest seed round of any healthcare and fintech startup, and this is also in 2022, which has been the toughest year for venture capital investment. Having said that, we are growing aggressively and seeing very large market opportunities,” said Bhasin.
The startup is positive from the point of view of the unit economy, which means that it earns on every new sale.
“Given our B2B2C go-to-market model, our customer acquisition costs are negligible and this contributes to the profitability of our divisional economy. We expect other forms of income to be added next year,” Bhasin added.
Bhasin said SaveIN is operating in accordance with the Digital Lending Guidelines Reserve Bank of India.
“We are established as a credit provider and work in partnership with RBI-approved Regulated Credit Institutions (REs). We are already working with several NBFCs and are currently integrating with other regulated entities, including banks,” Bhasin added.