B2B eCommerce platform for pharmacies Saveo has raised $4 million in seed funding co-led by Matrix Partners India and RTP Global.

The funding round also saw participation from Incubate Fund and India Quotient.

Angel investors, including Kunal Shah (Founder, Cred), Rajesh Yabaji (Founder, Blackbuck), Amit, Naveen, and RK Misra (Co-founders, Yulu), VS Sudhakar and Vipul (Co-founders, Bigbasket), Revant Bhate (Co-founder, Mosaic Wellness), Asish Mohapatra and Ruchi Kalra (Co-founders, OfBusiness), Sumit Ghorawat (Co-founder, Shopkirana), and Raoul Bajaj (CEO, Trafigura India), among others, also participated in the round.

As per the Bengaluru-based startup, it will use the funds to penetrate deeper into existing geographies, expand to new territories, and upscale its full-stack tech platform.

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Started by Amit Kumar, Anurag Savarnya, Shivansh Shrivastava, and Vivek Jaiswal in August 2019, Saveo is a one-stop solution for all pharmacies needs in B2B space with an aim that no prescription shall bounce in India.
The startup provides a single procurement point for all medicines — generics, surgical, OTC, speciality, allopathy, and ayurvedic.

Bringing uniformity in margin and service, Saveo is helping Indian pharmacies digitise their businesses.

Talking about the investment, Vivek Jaiswal, Co-founder of Saveo, said,

“With this round, we aim to go deeper into the Indian healthcare industry, channelise our energy towards the key insights we have (gained), and spend more on technology for building the future of healthcare delivery.”

Currently, the healthtech startup serves over 2,000 pharmacies across Bengaluru and more than 3,000 pharmacies across Karnataka.

Saveo is looking to capture over 1,00,000 pharmacies across India in the next 18 months, spread across 100+ cities in India.

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