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.
Read also – LinkedIn Top Startups 2022 | The 25 Emerging Indian Companies
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.
About Saveo
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.
