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

The round also saw participation of existing investors including Ocgrow Ventures, Capier Investments, LC Nueva, Jetty Ventures, RTP Global, India Quotient, and Incubate Fund.
Saveo Healthtech plans to use the money to expand its presence by setting up new hubs and enhancing technology. The company was founded in 2019 by IIT graduates Amit Kumar, Shivansh Shrivastava, Vivek Jaiswal, and Anurag Savarnya. It assists pharmacies and is building a healthcare supply chain.

The company said that it is present in Karnataka, Telangana and Tamil Nadu. It has more than 12,000 outlets and 2000 doctors prescribing.
By volume, India remains the third largest producer of pharma goods and a prominent vaccine manufacturer worldwide. The country contributes 30 per cent of global generic exports and it exports medicines to more than 200 nations. The Indian domestic market is likely to grow to a USD 130 billion industry by 2030, registering a three-fold jump from 2021.
The firm stated that 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.