B2B Pharmacy Marketplace Saveo Raises $4.5 Mn In Venture Round
Saveo Healthtech, a B2B e-commerce marketplace for Indian pharmacies, has announced that it raised USD 4.5 million in a venture round – co-led by Matrix Partners, Gunosy Capital and 4point0 Health Ventures.
The round saw active participation by existing investors LC Nueva, Jetty Ventures, Ocgrow Ventures, Capier Investments, RTP Global, India Quotient, and Incubate Fund. The company plans to utilise the funding to penetrate deeper into existing geographies and expand to new geographies by establishing new hubs and adopting the advanced technology solution to build a full-stack tech platform.
The company offers the highest fill rate in India, with 50k+ live SKUs. It is also working towards converting quality suppliers into dark stores and running a vertically integrated full-stack managed marketplace model to provide better, faster & cheaper procurement to pharmacies across India.
Founded in 2019 by IIT alumni Amit Kumar, Anurag Savarnya, Shivansh Shrivastava and Vivek Jaiswal, Saveo operates a marketplace that acts as a procurement point between pharmaceutical companies and retailers for surgical, homoeopathic and allopathic medicines. It also operates another vertical which enables brick and mortar pharmacy stores to digitise their businesses.
This is the second seed funding round raised by the B2B ecommerce marketplace in the last 19 months. It had raised $4 Mn as part of its previous funding round from Matrix Partners India and RTP Global in January last year.
Saveo competes with the likes of Pharmarack and Biddano in the highly competitive space.
Saveo operates at the intersection of SaaS and epharmacy. According to a recent Inc42 report, SaaS healthtech space is estimated to grow at the fastest pace within the burgeoning healthtech space at a CAGR of 45% by 2025. The epharmacy segment too is expected to see a major uptick and is projected to see a growth of 38% CAGR by 2025.
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