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Saveo raises $4 Million in Seed Funding from Matrix, RTP Global & Clutch of Angel Investors
Team StartupcitySaveo, a B2B e-commerce platform for pharmacies has raised $4 million in seed funding co-led by Matrix Partners India and RTP Global. Incubate Fund and India Quotient also participated in the round along with a clutch of angel investors, including Kunal Shah, Founder, Cred; Rajesh Yabaji, Founder, Blackbuck; Asish Mohapatra and Ruchi Kalra, Co-founders, OfBusiness; Amit, Naveen & RK Misra, Co-founders, Yulu; VS Sudhakar & Vipul, Co-founders, Bigbasket; Revant Bhate, Co-founder, Mosaic Wellness; Sumit Ghorawat, Co-founder, Shopkirana; and Raoul Bajaj, CEO, Trafigura India. Founded in 2019, Saveo operates a business-to-business e-commerce platform focused on pharmacies and deals in allopathy, generics, surgical, ayurvedic and specialty pharmaceuticals.
Saveo Healthtech gets $4 million funding from Matrix Partners India, RTP Global and others
The seed round saw participation from Incubate Fund and India Quotient, a statement said. PTI January 29, 2021 / 01:26 PM IST
Saveo Healthtech, a B2B e-commerce marketplace for pharmacies, on Friday said it has raised $4 million (about Rs 29.1 crore) in funding, co-led by Matrix Partners India and RTP Global.
The seed round saw participation from Incubate Fund and India Quotient, a statement said.
Cred founder Kunal Shah, Bigbasket co-founders VS Sudhakar and Vipul Parekh, Blackbuck founder Rajesh Yabaji, OfBusiness co-founders Asish Mohapatra and Ruchi Kalra, Yulu co-founders Amit, Naveen and RK Misra and others also participated, it added.
Amit Kumar, Anurag Savarnya, Shivansh Shrivastava, and Vivek Jaiswal Saveo is
a B2B marketplace for Indian pharmacies, providing a
single procurement point for all medicines generics, surgical, OTC, speciality, allopathy, and ayurvedic bringing
uniformity in margin and service, and helping
Indian pharmacies digitise their businesses.
As per a KPMG report, the Indian pharmaceutical industry is highly fragmented with 8.5 lakh pharmacies and 70,000 distributors. About 86 percent of medicines are dispensed with no accurate prescription validation mechanism, making it the most opaque industry.
Saveo aims to streamline this supply chain by
building the most transparent ecosystem and educate and empower these micro-entrepreneurs and distributors with technology and sustainability.
Saveo gets USD 4 mn funding from Matrix Partners India, RTP Global and others
The seed round saw participation from Incubate Fund and India Quotient, a statement said.
Cred founder Kunal Shah, Bigbasket co-founders VS Sudhakar and Vipul Parekh, Blackbuck founder Rajesh Yabaji, OfBusiness co-founders Asish Mohapatra and Ruchi Kalra, Yulu co-founders Amit, Naveen and RK Misra and others also participated, it added.
Saveo said it plans to utilise the funding to penetrate deeper into existing geographies, expand to new territories along with upscaling the full-stack tech platform.
Founded in August 2019 by Amit Kumar, Anurag Savarnya, Shivansh Shrivastava and Vivek Jaiswal, Saveo provides a single procurement point for medicines (allopathy, generics, surgical, ayurvedic, OTC, specialty), bringing uniformity in service and margin.