“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 healthcare-focused fintech startup caters to consumers looking at treatments across multiple domains such as Hair, Dermatology, Dental, Ayurveda/alternate therapies, Ophthalmology, Wellness and fitness. Almost 300 procedures are covered by the platform. 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.
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SaveIN adopted a digital-led partnership expansion strategy which has allowed it to expand footprint to about 3,000 healthcare partners (including clinics, healthcare providers, doctors, fitness centres, alternative therapy centres) within 12 months of launch. Going forward, SaveIN will continue to focus on partnerships to expand its reach in the healthcare domain.
“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 run rate of Rs 100 crore in annualised disbursals.
The company is looking at a 5 times growth, he said.
Popular treatments include hair transplant, body sculpting, weight loss, anti-ageing and feature correction procedures, smile designing, dental aligners, orthodontic treatments, lasik surgeries, diabetes reversal, physical training, yoga and fitness subscriptions.
“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 facilitates upfront payment to the doctor. SaveIN charges commission from these healthcare partners.
SaveIN platform also captures, on consent basis, data sets to risk assess and quality assess practices.
“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-capitalised. The company has raised 8 million dollars in total 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 unit economics basis, which means 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.
Bhasin said SaveIN works in compliance with the Digital Lending Guidelines of the Reserve Bank of India.
“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.