Bengaluru-based Saveo Healthtech Pvt Ltd, which operates a business-to-business e-commerce platform focused on pharmacies, has secured $4.5 million (around Rs 35 crore) in a fresh funding round co-led by Matrix Partners, Gunosy Capital and 4point0 Health Ventures.
The latest round valued the pharmacy-focused B2B startup at $50 million, the company confirmed with VCCircle.
Existing investors LC Nueva, Jetty Ventures, Ocgrow Ventures, Capier Investments, RTP Global, India Quotient and Incubate Fund also participated in the funding.
Saveo plans to deploy the fresh proceeds to expand its geographical footprint by setting up new units and adopting advanced solution to build full-stack tech platform.
Founded by Amit Kumar, Anurag Savarnya, Shivansh Shrivastava and Vivek Jaiswal in 2019, Saveo is a platform that helps pharmacies by addressing issues relating to procurement and supply chain. Currently, it has over 12,000 outlets spread across Karnataka, Telangana and Tamil Nadu.
In January last year, the company raised $4 million in a seed round co-led by Matrix Partners India and RTP Global. This fundraise came just two weeks after pharmacy-focused Saveo announced that it had acqui-hired Gurugram-based retail startup ShuttrStores.
In India, the online B2B e-commerce space is heating up from new-age technology companies such as Udaan, Zetwerk and Moglix, among others, which have pocketed significant venture funding over the last three years and are fast expanding in the country.
In December last, Bzaar, a global business-to-business (B2B) e-commerce marketplace, had raised $4 million in its seed funding round led by Canaan Partners.