The round also saw participation from Incubate Fund and India Quotient, as well as a slew of angel investors
Launched in August 2019, Saveo claims to have a network of 3000+ pharmacies across the state of Karnataka
The startup had earlier raised INR 2 Cr in March 2020 from India Quotient and First Cheque.
Bengaluru-based Saveo Healthtech, a B2B ecommerce marketplace for pharmacies, has raised $4 Mn as part of its seed funding round from Matrix Partners India and RTP Global.
The round also saw participation from Incubate Fund and India Quotient, as well as angel investors such as Cred founder Kunal Shah, Bigbasket cofounders V.S. Sudhakar & Vipul Parekh, Blackbuck founder Rajesh Yabaji, Of Business cofounders Asish Mohapatra & Ruchi Kalra, Yulu cofounders Amit Gupta, Naveen Dachuri & RK Misra, Mosaic Wellness cofounder Revant Bhate, Shopkirana cofounder Sumit Ghorawat, and Trafigura India CEO Raoul Bajaj among others.
The company said it would utilise the fresh funding to penetrate deeper into existing geographies, expand to new territories along with scaling up its full-stack tech platform. From 70+ pharmacies as customers in Bengaluru in January 2020, Saveo has now grown to 3000+ pharmacies across the state of Karnataka. Founded by IIT alumni Amit Kumar, Anurag Savarnya, Shivansh Shrivastava and Vivek Jaiswal, Saveo claims to have 40K+ live SKUs selling, having been founded in August 2019. The startup had earlier raised INR 2 Cr in March 2020 from India Quotient and First Cheque with participation from Better Capital and angel investors.
Delving into Saveo ‘s growth story in the past 18 months, Matrix India MD Rajat Agarwal said, “The $25 billion pharmacy supply chain in India is highly fragmented, has high margins and its constituents are quite amenable to adopting technology – which makes it ripe for disruption. We believe that Saveo’s value proposition of the widest possible catalogue, 95%+ fill rates, better pricing and transparency has enabled it to quickly gain momentum in the pharmacy market in and around Bangalore.”
The startup provides pharmacies a single procurement point for all medicines in all categories, which solves issues of inventory, demand-mapping and more. Distribution to pharmacies is primarily through the traditional route with no accurate prescription validation mechanism or management of the supply chain. Saveo is looking to eliminate the opacity in the pharma supply chain with technology replacing feet-on-the-street or the salesmen from pharma companies.
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