Healthtech startup SaveIN to focus on partnerships, eyes five-fold growth
SaveIN, which provides embedded financing for various medical procedures across a network of healthcare providers, will concentrate on partnerships to increase its market share and is projecting a five-fold increase in revenue over the coming 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 consumers access private healthcare."
He claimed that SaveIN is seeing "hyperbolic growth" and aspires to become a trusted on-demand, hyperlocal healthcare network. "We are addressing the issues around the three pillars of healthcare access, quality, and affordability. So, SaveIN is being developed as a fully integrated ecosystem that is designed to address these problems "explained Bhasin.
Customers seeking treatments in numerous fields, including hair, dermatology, dentistry, alternative therapies like Ayurveda, ophthalmology, wellness, and fitness, are catered to by the healthcare-focused fintech business. The platform provides coverage for about 300 operations. In 100 cities, SaveIN is accessible at centres.
"In the coming year, we expect to grow by 5X and are trying to expand our network to 15,000 health practitioners, clinics," he stated. Within a year of its start, SaveIN was able to grow its footprint to roughly 3,000 healthcare partners (including clinics, healthcare providers, doctors, fitness centres, and alternative therapy centres) thanks to the adoption of a digital-led partnership expansion strategy.
As time goes on, SaveIN will keep putting partnerships first in order to broaden its influence in the healthcare industry. SaveIN has helped people who wanted to get financing for healthcare products and services across our partner locations since its inception, processing over 1 lakh customer applications, according to Bhasin, who also noted that SaveIN is currently delivering run rates 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.
"With our B2B2C go-to-market approach, our customer acquisition costs are low and that supports our unit economics profitability. We anticipate introducing other revenue streams in the upcoming year, "Bhasin continued. According to Bhasin, SaveIN complies with the Central Bank of India's Digital Lending Standards.
"We are set up as a Lending Service Provider and collaborate with regulated lending organisations that have received RBI approval (REs). We have several NBFCs operating already, and we are currently integrating with other regulated businesses like banks "Bhasin continued.
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