Pharma supply start-up Saveo Healthcare raises $4.5mn in venture round

Company founded by 4 IIT graduates will use money to expand its presence and for improving technology

Saveo Healthtech, a B2B e-commerce marketplace for pharmacies, has raised $4.5 million in a venture round co-led by Matrix Partners, Gunosy Capital and 4point0 Health Ventures.

The round saw participation by existing investors LC Nueva, Jetty Ventures, Ocgrow Ventures, Capier Investments, RTP Global, India Quotient, and Incubate Fund. The company plans to use the money to expand its presence by establishing new hubs and improving technology.

The company, which was founded in 2019 by IIT graduates Amit Kumar, Anurag Savarnya, Shivansh Shrivastava and Vivek Jaiswal, assists pharmacies and is building a healthcare supply chain.

Saveo said in a press statement it is present in Karnataka, Telangana and Tamil Nadu. It has more than 12,000 outlets and 2000 doctors prescribing.

India is the third largest producer of pharma goods (by volume) and a prominent vaccine manufacturer globally. India contributes 30 per cent of global generic exports (in volume) and it exports medicines to more than 200 countries. The Indian domestic market will grow to a $130 billion industry by 2030 (a three-fold jump from 2021).

The company said it is working towards converting quality suppliers into dark stores and running a vertically integrated full-stack managed marketplace model to provide efficient procurement to pharmacies.