Saveo raised seed round from Matrix India, RTP Global to expand B2B pharma marketplace
Saveo Healthtech, a B2B ecommerce marketplace for pharmacies, raised $4 mn seed funding round from Matrix Partners India and RTP Global. Many porminent investors like Incubate Fund and India Quotient, as well as angel investors such as Cred founder Kunal Shah, Bigbasket cofounders V.S. Sudhakar & Vipul Parekh also participated.
The startup provides pharmacies a single procurement point for all medicines in all categories, solving issues with inventory, demand-mapping and more. Distribution to pharmacies is primarily through the traditional route with no accurate prescription validation mechanism or management of the supply chain. Saveo is aiming to eliminate the opacity in the pharma supply chain with technology replacing feet-on-the-street or the salesmen from pharma companies.
According to the company, it would utilize the fresh funding to penetrate deeper into existing geographies, expand to new territories along with scaling up its full-stack tech platform. From 70+ pharmacies as customers in Bengaluru in January 2020, Saveo has now grown to 3000+ pharmacies across the state of Karnataka.