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.
PTI | Bengaluru | Updated: 29-01-2021 12:29 IST | Created: 29-01-2021 12:11 IST
Representative Image Image Credit: Pixabay
Bengaluru-headquartered SaveoHealthtech Pvt. Ltd,a B2B e-commerce marketplace forpharmacies, has secured a USD four million seed round co-ledby Matrix Partners India and RTP Global, with participationfrom Incubate Fund and India Quotient.
The company said in a statement on Friday it plans toutilise fresh funding to penetrate deeper into existinggeographies, expand to new territories along with upscalingthe full-stack tech platform.
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Saveo is currently serving 2,000-plus pharmaciesacross Bengaluru and 3,000-plus pharmacies across Karnatakaand looking to capture 1,00,000-plus pharmacies across Indiain the next 18 months spread across 100-plus cities in thecountry.