Saveo raises $3.5 million in seed funding led by Matrix Partners, others

• ByStartupStory     |    September 28, 2022

Saveo, a platform for the pharmacy supply chain and marketplace, has secured $3.5 million in a seed round led by Matrix Partners, Jetty Ventures, Gunosy Capital, and LC Nueva. This is the Bengaluru-based company’s second fundraising round in the previous two years. 

Matrix, Jetty, Gunosy, and LC Nueva each contributed Rs 4 crore to the funding round. Tejal Merchantile, Capier Investments, Ocgrow Ventures, and RTP Global each contributed Rs. 3,5 crore, Rs. 2.75 crores, Rs. 2.4 crore, and Rs. The remaining amount was contributed by IQ Alpha, Incubate Fund, and individuals.

The board has approved a special resolution to issue 3,694 seed compulsory convertible preference shares (CCPS) at an issue price of Rs 76,851.4 per share in order to generate Rs 28.4 crore or $3.5 million, as per documents filed with the Registrar of Companies (RoC).

Saveo is a marketplace that brings together pharmaceutical firms and merchants. It serves as a procurement center for generic, surgical, over-the-counter, specialty, allopathic, and ayurvedic pharmaceuticals. It also promises to assist local pharmacies in digitizing their operations.

Fintrackr predicts that the firm is worth around Rs 200 crore, or $25 million. Matrix now owns 11.81 percent of Saveo, followed by RTP Global with a 10.42 percent holding. IQ Alpha, LC Nueva, and Incubate Fund held 9.06%, 5.71&percnt, and 4.87% of the company’s shares, respectively. Saveo has not yet disclosed its FY22 financials, although its FY21 operational revenue grew by 4.2 times to Rs 8.05 crore from Rs 1.93 crore in FY20. According to its annual financial accounts filed with the RoC, the company’s losses increased by roughly 14 times from Rs 33 lakh in FY20 to Rs 4.72 crore in FY21.

Saveo has already raised a total of $7.5 million across two rounds. In January of last year, Matrix and RTP Global led a $4 million funding round for the company.

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