SaveIN, which offers embedded finance for several healthcare treatments across a network of healthcare providers, will focus on partnerships to increase its market share and is eyeing a five-fold growth in revenue over the next year.
The CEO of SaveIN, Jitin Bhasin, stated that it is now time for the consumerization of healthcare, adding that SaveIN intends to “democratise how people access private healthcare.”
He claimed that SaveIN is witnessing “hyperbolic growth” and wants to become an on-demand, hyperlocal, recognized healthcare network that can be relied on.
“We are solving the problem of access, quality, and affordability – the three pillars of healthcare. So SaveIN is being built as a completely integrated ecosystem which is geared to solve these issues,” Bhasin told PTI.
The fintech startup focusing on healthcare offers services to customers looking for treatments in several fields, including hair, dermatology, dentistry, and alternative therapies like Ayurveda, ophthalmology, wellness, and fitness. The platform offers access to around 300 procedures. SaveIN is available at centres across 100 cities.
“We hope to grow 5X and are looking to expand our network to 15,000 health practitioners, clinics in the next year,” he said.
Within a year of its launch, SaveIN expanded its presence to about 3,000 healthcare partners (including clinics, healthcare providers, doctors, fitness centres, and alternative therapy centres) due to adopting a digital-led partnership expansion strategy.
To expand its reach in the healthcare domain, SaveIN will keep focusing on partnerships in the future.
“Since inception, SaveIN has processed over 1 lakh customer applications and helped those who were desirous of seeking finance for healthcare products and services across our partner locations,” Bhasin said, adding SaveIN is currently delivering a run rate of Rs 100 crore in annualized disbursals.
The company is looking at a 5 times growth, he said.
Popular medical treatments include hair transplants, body sculpting, weight loss, anti-aging, feature correction procedures, smile designing, dental aligners, orthodontics, lasik surgeries, diabetes reversal, physical training, yoga, and fitness memberships.
“We allow people to borrow up to Rs 2 lakh in a completely paperless, 100 per cent digital, fully compliant model with the RBI guidelines on digital lending in partnership with NBFC,” Bhasin said.
Customers can choose payment plans, and SaveIN helps with upfront payments to doctors. SaveIN charges commission from these healthcare partners.
Also, the SaveIN platform gathers data sets for risk assessment and quality assessment procedures based on consent.
“Delhi, Mumbai, Hyderabad, Bangalore, Gurugram, Chennai are leading cities when it comes to consumption. We have also seen good take up rate in tier-1 and tier-2 centers,” Bhasin said and pointed out that 70 per cent of the customers are between 25-45 yrs of age.
On whether the company is looking to raise more funds, Bhasin said SaveIN is currently well-capitalized. The company has raised $8 million in funding in the seed round.
“We are well capitalised and have raised arguably the largest seed round among healthcare-fintech startups, and that too in 2022, which was the most difficult year for venture capital investing. Having said that, we are growing aggressively and see a very large market opportunity,” Bhasin said.
The startup is positive on a unit economics basis, indicating it makes money on every new sale.
“Given our B2B2C go-to-market model, our customer acquisition costs are negligible, and that aids our unit economics profitability. We expect to add other forms of revenue as well in the coming year,” Bhasin added.
SaveIN complies with the Reserve Bank of India’s Digital Lending Guidelines, according to Bhasin.
“We are constituted as a Loan Service Provider and work in partnership with RBI-approved regulated lending entities (REs). We are already live with multiple NBFCs and presently integrating with other regulated entities, including banks,” Bhasin added.
