Matrix Partners, Jetty Ventures, Gunosy Capital, and LC Nueva led a funding round for Saveo, a firm for the pharmacy supply network and marketplace. With this funding round, Saveo valuation reached 50MM $ pre-money.
This is the company’s third round of fundraising in 2022. Saveo has raised a total of 11 MM$ till now – that is 4MM $ seed round, 3.5MM$ convertible in Jan’22, 3.5MM $ convertible in Aug’22 – Total 11MM $ equity till now.
Pharmacies and retailers can connect through the marketplace known as Saveo. It serves as a source of acquisition for allopathic, ayurveda, specialty, OTC, and generic medications. Additionally, it says it would assist neighbourhood pharmacies in digitising their operations.
Indian pharmaceutical industry is highly fragmented with 6.5lakh retailers and 65000 distributors, unlike the US where there are just 5 major distributors covering 93% of the market share.
Saveo is a B2B managed marketplace for pharmacies, bringing primary & secondary medicine market together, offering faster delivery, cheaper procurement & better technology to pharmacies. It runs with an aim that no prescription shall bounce in India.
They aim to streamline this supply chain by being a single distribution point and empower these 6.5lakh micro-entrepreneurs with technology and sustainability.