Pharmacy focused supply chain and marketplace platform Saveo has raised a new round co-led by Matrix Partners, Jetty Ventures, Gunosy Capital and LC Nueva. This is the third funding round for the company in 2022.
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. It also claims to help neighborhood pharmacy stores to digitise their businesses.
Matrix, Jetty, Gunosy, and LC Nueva co-led the round by infusing Rs 4 crore each. Fourpoint0 Capita, Capier Investments, Ocgrow Ventures and RTP Global invested Rs 3.5 crore, Rs 2.75 crore, Rs 2.4 crore and Rs 1.2 crore respectively. The remaining sum came from IQ Alpha, Incubate Fund and other individuals.
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.
While Saveo is yet to disclose its FY22 numbers, its operating revenue ballooned 4.2X to Rs 8.05 crore during FY21 from Rs 1.93 crore in FY20. As per its annual financial statements with the RoC, the firm’s losses shot up over 14X to Rs 4.72 crore in FY21 from Rs 33 lakh during FY20.
Update: We have removed the valuation of the company from the story after Saveo’s detailed clarification.
