Saveo, a B2B e-commerce platform for pharmacies has raised $4 million in seed funding co-led by Matrix Partners India and RTP Global. Incubate Fund and India Quotient also participated in the round along with a clutch of angel investors, including Kunal Shah, Founder, Cred; Rajesh Yabaji, Founder, Blackbuck; Asish Mohapatra and Ruchi Kalra, Co-founders, OfBusiness; Amit, Naveen & RK Misra, Co-founders, Yulu; VS Sudhakar & Vipul, Co-founders, Bigbasket; Revant Bhate, Co-founder, Mosaic Wellness; Sumit Ghorawat, Co-founder, Shopkirana; and Raoul Bajaj, CEO, Trafigura India. Founded in 2019, Saveo operates a business-to-business e-commerce platform focused on pharmacies and deals in allopathy, generics, surgical, ayurvedic and specialty pharmaceuticals.

The company has partnered with over 2500 pharmacies across Bengaluru and more than 3,000 pharmacies across Karnataka and carries over 50,000 medicine brands under its roster. With the fresh infusion of capital Saveo will strive to penetrate deeper into existing geographies, expand to new territories, and upscale its full-stack tech platform.

Vivel Jaiswal, Co-founder, Saveo, said, “With this round, we aim to go deeper into the Indian healthcare industry, channelise our energy towards the key insights we have (gained), and spend more on technology for building the future of healthcare delivery.”

Speaking about the investment, Rajat Agarwal, Managing Director, Matrix India, said, “We believe Saveo’s value proposition of the widest possible catalogue, 95 percent fill rates, better pricing, and transparency has enabled it to quickly gain momentum in the pharmacy market in and around Bengaluru. We are excited about their scale-up plans and are privileged to be on this journey with the Saveo team.”