Saveo Raises $4.5 Million In Funding Led By Matrix And Others

Updated on: 5 October 2022 3:47 pm

Guvi has also raised Rs 15 crore from Vama Sundari Investments, which is a promoter of HCL Technologies, which recently rebranded itself as HCLTech.

HCL Group Acquires Majority Stake In Edtech Platform GUVI Photo: Guvi has also raised Rs 15 crore from Vama Sundari Investments, which is a promoter of HCL Technologies, which recently rebranded itself as HCLTech.

Saveo, a B2B e-commerce marketplace for Indian pharmacies, on Wednesday 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.

This is the third funding round for the company in 2022.

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The board at Saveo has passed a special resolution to issue 3,694 Seed compulsory convertible preference shares (CCPS) at an issue price of Rs 76,851.4 per share to raise Rs 28.4 crore or $3.5 million, its regulatory filings with the Registrar of Companies (RoC) shows.

Saveo is a marketplace which connects pharmaceutical companies with retailers. It acts as a procurement point for generics, surgical, OTC, speciality, allopathy, and ayurvedic medicines.

Post allotment of this round, Matrix holds 11.81% stakes in Saveo followed by RTP Global that owns 10.42%. IQ Alpha, LC Nueva and Incubate Fund hold 9.06%, 5.71% and 4.87% shares respectively.

In 2022, the Bengaluru-based company raised $7 million across two convertible debt rounds. As of now, Saveo has raised $11 million.