Saveo Healthtech Pvt Ltd, which operates a business-to-business e-commerce platform focused on pharmacies, has acqui-hired Gurugram-based retail startup ShuttrStores.
As part of this, ShuttrStores founders Kshitij Yadav and Kamlesh Meena will join Saveo’s technology team.
ShuttrStores was set up last year with the aim of organising and aggregating the retail pharmacy market and creating a chain of tech-enabled stores.
This acqui-hire will help Saveo strengthen its overall ecosystem, company co-founder Vivek Jaiswal said. “ShuttrStores’ capabilities, reach and expertise in this area will help Saveo to improve its key offerings to customers,” he added.
Bengaluru-based Saveo was founded in 2019 by Amit Kumar, Anurag Savarnya, Shivansh Shrivastava, and Jaiswal. The company says its platform helps pharmacies by addressing issues relating to procurement and supply chain.
The startup says it has a virtual inventory of stock-keeping units that helps in ensuring timely deliveries along with live tracking and digital payment services. Pharmacies can procure medications across several categories, including allopathic, generic, and ayurvedic.
The startup says it raised Rs 2 crore (around $270,000) in March last year in a round led by early-stage venture firm India Quotient and FirstCheque, with participation from Better Capital and founders of firms including ShareChat, OkCredit, Generico, and Giva.
"Saveo brings a paradigm shift in this industry by becoming a 100% tech-enabled and transparent pharma procurement platform for pharmacies," India Quotient's Gagan Goyal said.
Saveo claims to be serving more than 2,000 pharmacies across Bengaluru and over 3,000 stores in Karnataka, and says its target is to serve at least one lakh pharmacies across the country in the next 18 months.