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Saveo bags $4 million funding from Matrix Partners India and others


Source: hrnxt.com

Saveo Healthtech Private Limited or Saveo is a Bengaluru-based Business-to-Business e-commerce platform for healthcare services in the pharmaceutical sector. Recently, the start-up has announced to raise USD 4 million in a Seed funding round led by Mumbai-based early-stage venture fund- Matrix Partners India along with Venture Capital firm- RTP Global.

Existing investors India Quotient and Incubate Fund are also known to participate in the company’s funding round.

Founded back in 2019 by Anurag Savarnya, Vivek Jaiswal, Amit Kumar and Shivansh Shrivastava, Saveo aims to build an efficient supply chain across traditional pharmacies to empower them with a reliable and scalable supply chain model. The company provides affordable and accessible services in the segment of future health-tech delivery across all possible pharma-medicines including allopathy, ayurvedic, surgical medicines, generics, speciality medicines and OTC among many others. All in all, the healthcare start-up aims to digitise traditional pharmacies to enable their growth and enhance their services by leveraging technology.

When asked about the latest infusion of funds, the company mentions utilising these freshly infused funds to penetrate deeper into existing Indian geographies and further expand to new pi codes across the country. In addition to this, the company also plans to upscale its business with the help of its full-stack health-tech platform- Saveo, as mentioned in a report by Financial Express.

The unfortunate COVID-19 pandemic has made healthcare services very risky and dangerous for people. The threat of catching the virus keeps people away from hospitals and clinics, even for their general health check-up. It has been a difficult journey, these past couple of months and healthcare start-ups came with technological solutions. Since every facility is made available for people through online modes, why not healthcare and pharmacy? Saveo is one such start-up that enables traditional pharmacy stores to leverage technology to boost their sales and reach as many people as possible. Other than this, there are many new start-ups that have started online consultation with healthcare experts and doctors so that people can have medical facilities right at their door-steps from within the comfort of their homes.

As per company profile, Saveo has its presence in more than 100 Indian cities, serving more than 2,000 pharmacies across Bengaluru and 3,000 pharmacies across Karnataka. According to a report by Financial Express, the company further aims to expand to 1 lakh plus new pharmacies in India over the next 18 months.

Also recently on January 13th, Saveo successfully acquired ShuttrStores, a Haryana-based pharmacy retail chain for an undisclosed amount.



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