13 January 2021: With an aim to deep dive further into the pharmaceutical e-commerce space, Bengaluru-based B2B e-commerce marketplace for pharmacies Saveo Healthtech Pvt. Ltd. has acquihired Gurugram-based retail startup ShuttrStores. Following this acquisition deal, both the ShuttrStores founders, Kshitij Yadav and Kamlesh Meena will join the Saveo Technology team.
ShuttrStores is an initiative of IITK graduates, which took off in 2020. The company’s aim is to organize and aggregate the near $40 Billion Indian Pharmacy Retail Market and unite them to create a chain of tech-enabled stores through their technology products.
Founded in August 2019 by experienced IIT Graduates Amit Kumar, Anurag Savarnya, Shivansh Shrivastava and Vivek Jaiswal, Saveo is a managed marketplace bringing primary and secondary medicine market together, offering faster delivery, cheaper procurement and better technology to pharmacies.
The company empowers pharmacies by re-engineering the complete supply chain with an aim that no prescription shall bounce in India. The platform has a virtual inventory of all SKUs (500+ companies), which ensures timely slot delivery with live tracking and digital payment services.
From serving 70+ pharmacies in Bangalore in Jan 2020 before COVID, Saveo has risen to 2000+ pharmacies across Bangalore in less than 6 months during COVID.
Commenting on the acquisition, Vivek Jaiswal, Cofounder Saveo said, “This acquisition will help strengthen the overall pharma-ecosystem of our country. ShuttrStores capabilities, reach and expertise in this area will help Saveo improve its key offerings to customers. Our mission is to bring accessibility, understandability & sustainability on the grass- root level in the Indian healthcare chain.”
Kshitij Yadav, Co-founder ShuttrStores said “This deal will help us fulfil our aim of organising the pharmacy stores across India under one roof while helping them compete with the growing online competition. With Saveo backing us, we would be able to create an ecosystem for these chemists where they focus on their sales while we manage their operations.”
To build a stronger tech stack for pharmacies and further expansion, Saveo had earlier raised INR 2 Cr (270k $) in March 2020 led by early stage venture capital firm India Quotient and First Cheque with participation from Better Capital. The company runs with a vision to become the largest digital healthcare ecosystem in India built around the pharmacies.