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.