Saveo and uniformity in India’s pharmaceutical market

The Indian pharmaceutical sector consists of over over 8.5 lakh pharmacies and 70,000 distributors. One venture, Saveo, plans to streamline and make this fragmented sector uniform. Read to know more.

The Indian Economic report claims that the Indian domestic pharmaceutical market was worth $42 billion in 2021 and is expected to reach $65 billion by 2024. Yet the domestic pharmaceutical market is the most fragmented industry. A KPMG report says that there are over 8.5 lakh pharmacies and 70,000 distributors in India. 

In an effort to streamline this segment, IIT graduates Vivek Jaiswal, Anurag Savarnya, Shivansh Shrivastava and Amit Kumar came up with Saveo in 2019. Saveo is a a managed marketplace for the primary and secondary marketplace. It is a B2B e-commerce platform and marketplace for pharmacies. The aim behind Saveo is to bring uniformity in the margin, service along with helping pharmacies digitize. 

The platform hosts the widest catalogue of medicines in categories like, generics, surgical, OTC, speciality, allopathy, and ayurvedic. They claim to have a virtual inventory full of SKUs that help them timely slot delivery, record live tracking and have a digitalised paying model. 

They plan to build the current chaotic segment into a more transparent and better-priced ecosystem that will empower and enable small distributors and micro-entrepreneurs. Annually around 86% of medicines are given without prescription. They want to tackle this as well. 

In March 2020, Saveo raised Rs 2 crore from India Quotient, First Cheque and Better Capital. In January 2021, they raised $4 million from Matrix Partners India, RTP Global, Incubate Fund, India Quotient along with Kunal Shah of CRED, VS Sudhakar and Vipul of Bigbasket. 

The round also saw participation from Rajesh Yabaji of BlackBuck, Asish Mohapatra and Ruchi Kalra of Ofbusiness, Amit, Naveen and RK Misra of Yulu, Revant Bhate of Mosaic Wellness, Sumit Ghorawat of ShopKirana, Raoul Bajaj of Trafigura and more.

In 2021, Saveo acqui-hired ShuttrStores, a retail startup. The founders of ShuttrStores, Kshitij Yadav and Kamlesh Meena will join Saveo’s Technology Team. Saveo’s model has gained immense popularity and demand in and around Bengaluru. They serve over 2000 pharmacies in Bengaluru and over 3000 pharmacies in Karnataka. They plan to serve additional 1 lakh pharmacies across India. Will Saveo be able to add uniformity to India’s $42 billion domestic pharmaceutical segment?

Tags : #Saveo #VivekJaiswal #AnuragSavarnya #ShivanshShrivastava #AmitKumar #pharmacy #IndianPharmaceuticals #startup

About the Author

Priyal Shah

Priyal Shah is a graduate of Media from Mithibai College, Mumbai. She is a writer, researcher and avid reader.

Related Stories

Loading Please wait...


Trending Now

Eyes on the Future: Dr. Agarwal's Group Channels Rs 100 Crore for Cutting-edge Eye Hospitals Across KeralaDecember 06, 2023
Organ Transplant Scandal: Apollo Hospital Faces Government InquiryDecember 06, 2023
Breaking Barriers in Cancer Treatment: Max Healthcare's CAR-T Therapy PartnershipDecember 06, 2023
Exploring the Link Between Covid-19 Vaccination and Sudden Cardiac Arrests: ICMR StudyNovember 22, 2023
Powering the Future: China's Biodegradable Wireless System for Bioelectronic InnovationNovember 22, 2023
IMS BHU Pioneers Advanced Cardiac Care: Unveiling Cutting-Edge Technologies for Precise DiagnosisNovember 18, 2023
Inito's $6 Million Boost: Transforming Women's Health with AI-Backed Fertility MonitoringNovember 18, 2023
Madras High Court Advocates for Equality: PG Medical Students to Receive Incentive Marks for COVID-19 DutyNovember 18, 2023
Next-Gen Healthcare: CarePods and AI Redefine the Patient ExperienceNovember 17, 2023
Air Quality Crisis: Alarming Rise in Premature Births Linked to Air Quality in Begusarai, BiharNovember 17, 2023
Limerick Contest-2023: A Celebration of Wit and PoetryNovember 17, 2023
IIIT-Hyderabad among top 100 institutions for 5G Use Case LabNovember 17, 2023
Powerful, motivating and inspiring talks marked TEDx Hyderabad Women 2023 which was held with the theme "Two Steps ForwardNovember 17, 2023
Speaking the Diagnosis: How AI in Voice Analysis Is Revolutionizing Diabetes DetectionNovember 17, 2023
FDA Approves Zepbound: A New Medication for Weight Loss by Eli LillyNovember 17, 2023
CoverSelf Raises $8.2 Million in Seed Funding to Revolutionize Healthcare Claims with Innovative Fintech PlatformNovember 16, 2023
From Miracle to Medic: The Extraordinary Journey of India's First Paediatric Liver Transplant RecipientNovember 16, 2023
Combatting Chikungunya: Valneva's Chikungunya Vaccine Cleared by USFDA, Eyes India LaunchNovember 16, 2023
Global Corporate Summit 2023 with the theme Unlocking Opportunities in a Dynamic World heldNovember 16, 2023
2nd IHub-Data Mobility Summit heldNovember 16, 2023