Healthtech startup Saveo has secured $4.5 million to streamline B2B pharma supply chain. The company will also use the money to fulfill its current working capital needs and fund capital expenditure.
Saveo announced in a statement that it has secured $4.5 million in a venture round headed 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 cash will be used to help the firm penetrate deeper into existing markets and grow into fresh areas. The funds will also be utilized to construct additional hubs and strengthen its technology sector in order to build a full-stack technology platform.
With the new round of funding, the firm is now valued at $50 million. With over 12,000 active Saveo locations, the business highlighted aspirations to convert quality suppliers into dark shops and run a vertically integrated full-stack managed marketplace model to streamline operations.
Saveo, a B2B drug marketplace, has received INR 28.38 Cr ($3.47 Mn) in initial finance led by LC Nueva Alternative Investment Fund (AIF), Jetty Ventures, and Gunosy Capital Partners.
The cash will be used by the drugstore business to accelerate expansion and expand its reach across the country. Saveo will also use the funds to fund capital expenditures and cover its existing working capital needs.
The company’s Board of Directors approved a special resolution to issue 3,694 seed compulsorily convertible preference shares (Seed CCPS) at a price of INR 76,851.40 per share.