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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. ....
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. ....