Healthtech startup - Saveo bags $4 million in seed funding

The B2B ecommerce platform for pharmacies, Saveo Healthtech has bagged an amount of $4 million in seed funding co-led by Matrix Partners India and RTP Global, with participation from Incubate Fund and India Quotient.

The startup will use the funds to expand its geographic reach, to penetrate deeper into existing areas and also to upscale its full-stack tech platform.

Vivek Jaiswal, Co-founder, 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.”

Saveo is founded in August 2019 by IIT graduates - Amit Kumar, Anurag Savarnya, Shivansh Shrivastava, and Vivek Jaiswal. It is a B2B marketplace for Indian pharmacies, providing a single procurement point for all medicines - generics, surgical, OTC, speciality, allopathy, and ayurvedic - bringing uniformity in margin and service, and helping Indian pharmacies digitise their businesses.

The startup is focused on streamlining the supply chain by building the most transparent ecosystem and educate and empower these micro-entrepreneurs and distributors with technology and sustainability.

Commenting on the funding, Rajat Agarwal, Managing Director, Matrix India, said, “We believe Saveo’s value proposition of the widest possible catalogue, 95 percent fill rates, better pricing, and transparency has enabled it to quickly gain momentum in the pharmacy market in and around Bengaluru. We are excited about their scale-up plans and are privileged to be on this journey with the Saveo team.”

At present, Saveo is serving over 2,000 pharmacies across Bengaluru and more than 3,000 pharmacies across Karnataka. It is looking to capture over 1,00,000 pharmacies across India in the next 18 months, spread across 100+ cities in India.

Kirill Kozhevnikov, Partner of RTP Global, said, “We invest in talented founders who are leveraging cutting-edge tech to solve big problems, and Saveo is no exception. The founding team, all of whom are IIT graduates, have extensive entrepreneurial experience and have already effectively scaled to secure a strong position in their home market of Bengaluru. We are backing the Saveo team and supporting them to build the largest Indian B2B pharmacy marketplace.”