Saveo, a B2B e-commerce marketplace for Indian pharmacies, said it has raised $4.5 million in a venture round co-led by Matrix Partners, Gunosy Capital and 4point0 Health Ventures. Existing investors LC Nueva, Jetty Ventures, Ocgrow Ventures, Capier Investments, RTP Global, India Quotient, and Incubate Fund also participated in the round.

The latest round valued the B2B startup at $50 million, it said in a statement. The company had earlier raised $4 million in seed round in January 2021, followed by $4.5 million convertible in January 2022.

Saveo will utilise the funding to penetrate deeper into existing geographies and expand to new geographies by establishing new hubs and adopting advanced technology solutions to build a full-stack tech platform.

Founded in 2019 by IIT graduates Amit Kumar, Anurag Savarnya, Shivansh Shrivastava and Vivek Jaiswal, the company is on a mission to empower traditional pharmacies and build a reliable, scalable and efficient healthcare supply chain.

The firm has presence in Karnataka, Telangana, and Tamil Nadu. Saveo has over 12,000 active outlets procuring from Saveo & 2,000 doctors prescribing Carin.

"Saveo is working towards converting quality suppliers into dark stores and running a vertically integrated full-stack managed marketplace model to provide better, faster and cheaper procurement to pharmacies across India," the company statement said.