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[World Health Day] 6 funding and consolidation trends in the Indian healthtech sector
On World Health Day, we take a look at some funding and consolidation trends in the Indian healthtech sector.
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The COVID-19 pandemic has had a huge impact on the Indian healthcare industry. Although the unprecedented crisis put immense pressure on the weak healthcare infrastructure, it also offered opportunities for several healthtech companies.
Since last year, the
Centre has taken several steps to boost innovation and help startups build and scale solutions to fight the pandemic and future crises. This includes an increased allocation for healthcare in the Union Budget, financial and policy support, and easing innovation challenges.
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.