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Saveo Bags $4M Funding Co-Led By Matrix Partners India, RTP Global & Others

29th January’2021: Saveo Healthtech Pvt. Ltd, a B2B e-commerce marketplace for pharmacies has secured a $4 million seed round co-led by Matrix Partners India and RTP Global, with participation from Incubate Fund and India Quotient. Notable angel investors include Cred founder Kunal Shah, Bigbasket co-founders V.S. Sudhakar & Vipul, Blackbuck founder Rajesh Yabaji, Of Business co-founders Asish Mohapatra & Ruchi Kalra, Yulu co-founders Amit, Naveen & RK Misra, Mosaic Wellness co-founder Revant Bhate, Shopkirana co-founder Sumit Ghorawat, and Raoul Bajaj, CEO Trafigura India amongst others, pooled in too.

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 providing a single procurement point for all possible medicines, bringing uniformity in service & margin and digitizing them to run, learn and grow their business on the app.

Saveo aims to streamline the supply chain by building the most transparent ecosystem and educate & empower 8.5 lakh micro-entrepreneurs and distributors with technology and sustainability.

Speaking on the announcement, Vivek Jaiswal, Co-founder at Saveo commented, “Saveo focuses on providing discoverability & 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, channelize our energy towards the key insights we have and spend more on technology for building the future of healthcare delivery.”

Rajat Agarwal, Managing Director, Matrix India, commented, “The $25 billion pharmacy supply chain in India is highly fragmented, has high margins and its constituents are quite amenable to adopting technology – which makes it ripe for disruption. We believe that Saveo’s value proposition of the widest possible catalogue, 95%+ fill rates, better pricing and transparency has enabled it to quickly gain momentum in the pharmacy market in and around Bangalore. We are excited about their scale up plans and are privileged to be on this journey with the Saveo team.”

Saveo had earlier raised INR 2 Cr in March 2020 led by early-stage venture capital firm India Quotient and First Cheque with participation from Better Capital. 

Source: Business World

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