Funds to be used to penetrate deeper into existing geographies, expand to new territories along with upscaling
Saveo Healthtech Pvt Ltd, Bengaluru-based B2B e-commerce marketplace for pharmacies, has secured $4 million in a seed round co-led by Matrix Partners India and RTP Global, with participation from Incubate Fund and India Quotient.
The company plans to utilise the funding to penetrate deeper into existing geographies, expand to new territories along with upscaling the full-stack tech platform.
“Saveo focuses on providing discoverability and convenience to the pharmacies on fingertips, which were never there in this salesman-driven industry. With this round, we aim to go deeper into the Indian healthcare industry, channelise our energy towards the key insights we have and spend more on technology for building the future of healthcare delivery,” Vivek Jaiswal, Co-founder at Saveo, said.
Founded in August 2019 by experienced IIT Graduates Amit Kumar, Anurag Savarnya, Shivansh Shrivastava and Vivek Jaiswal, Saveo is a B2B managed marketplace for Indian pharmacies.
The Indian pharmaceutical industry is highly fragmented with 8.5 lakh pharmacies in India and 70,000 distributors (as per a KPMG report), unlike in the US where there are just five major distributors covering 93 per cent of the market share.
Saveo had earlier raised ₹2 crore in March 2020 led by early-stage venture capital firm India Quotient and First Cheque with participation from Better Capital. Founders of Sharechat (Farid Ahsan), OkCredit (Harsh Pokharana and Gaurav Kunwar), Generico (Siddharth Gadia and Girish Agarwal), Giva (Ishendra Agarwal) had also pooled in.