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CureBay acquires Saveo’s pharma distribution business

EntrackrEntrackr · 3d ago
CureBay acquires Saveo’s pharma distribution business
Medial

CureBay acquires Saveo’s pharma distribution business CureBay, a hybrid healthcare platform, has acquired the pharma distribution business of Saveo Healthtech for an undisclosed amount. The deal includes Saveo’s network serving over 10,000 retail pharmacies across southern India, along with distribution hubs in Bengaluru and Hyderabad, procurement capabilities, and a tech-enabled ordering platform. CureBay plans to integrate Saveo’s distribution infrastructure with its existing healthcare network to improve fulfillment cycles and inventory visibility. Founded by Priyadarshi Mohapatra, CureBay operates a network of over 190 eClinics across 15,000 villages and has served more than one million patients. The company provides teleconsultation, diagnostics, pharmacy access, and referral services through a hybrid model combining physical centres and digital tools. Saveo’s founders Vivek Jaiswal and Shivansh Shrivastava continue to focus on building the company’s brand-led vertical independently under the parent company funded by existing investors. Saveo previously operated two segments, distribution and branded pharma, with the distribution business now divested. The founders are scaling Silvercross, a direct-to-retail pharma brand operating across 18 states, with an ARR of Rs 100 crore and EBITDA of -3%. The brand also provides first-of-its-kind, batch-level lab reports accessible via QR codes on medicine packaging. With this acquisition, CureBay is moving towards a full-stack healthcare model by integrating medicine distribution into its core offering. The company has already completed most of the integration and is deploying combined operations in select markets. Back in May last year, CureBay had raised $21 million in its Series B funding round, led by Bertelsmann India Investments at around $75 million valuation.

GVFL and Malpani Ventures lead pre-seed round in DOCO

EntrackrEntrackr · 4m ago
GVFL and Malpani Ventures lead pre-seed round in DOCO
Medial

GVFL and Malpani Ventures lead pre-seed round in DOCO Rural distribution startup DOCO has raised Rs 4.5 crore (around $540K) in a pre-seed funding round led by GVFL alongside Malpani Ventures. The round also saw participation from existing investor Kunwar Asheesh Saxena, former co-founder and CTO of RedDoorz, and other angel investors. The funds will be used to expand DOCO’s technology platform, grow its dark store network, and scale operations across rural clusters. The firm aims to operate 25 dark stores and reach 25,000 retailers in the next year. Founded in 2023 by Jitendra Yadav and Nishant Agarwal, DOCO operates a Rural Distribution-as-a-Service (Rural DaaS) model that helps FMCG brands reach rural and semi-urban markets. The platform integrates dark stores, local partners, and technology-driven supply chain systems to streamline last-mile delivery. Currently, DOCO runs 10 dark stores serving over 5,000 retailers across western Uttar Pradesh, working with over 15 FMCG brands, including Bikano, Jabsons, Yellow Diamond, and Kingfisher.

Saveo’s revenue nears Rs 200 Cr in FY24 with improved economics

EntrackrEntrackr · 1y ago
Saveo’s revenue nears Rs 200 Cr in FY24 with improved economics
Medial

Pharmacy-focused supply chain and marketplace platform Saveo has achieved remarkable growth, scaling 103X since its inception. Its revenue soared to Rs 196 crore in FY24 from Rs 1.9 crore in FY20. Saveo’s revenue from operations increased by 16.7% to Rs 196 crore in FY24 from Rs 168 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Saveo is a B2B pharmaceutical marketplace that connects pharmaceutical companies with retailers, serving as a procurement hub for generics, surgical supplies, OTC products, specialty medicines, allopathy, and ayurvedic medicines. The sale of these medicines was its sole source of revenue in FY24. On the expense side, the cost of procurement of medicines accounted for 78% of the total expenses. This cost surged by 19.5% to Rs 184 crore in FY24 from Rs 154 crore in FY23. However, Saveo optimized its workforce costs, resulting in a 24.32% reduction in employee benefit expenses, which amounted to Rs 28 crore in the last fiscal year. Finance costs increased by 40% to Rs 7 crore, while other overheads, including operational expenses, amounted to Rs 16.23 crore in the last fiscal year. Overall, Saveo’s total expenditure rose by 10% to Rs 235 crore in FY24. The Bengaluru-based firm managed to control its losses by 16% to Rs 38.5 crore in FY24 from Rs 46 crore in FY23. Its ROCE and EBITDA margin improved to -225% and -15.69%, respectively. On a unit level, Saveo spent Rs 1.20 to earn a single rupee of revenue in FY24, an improvement from Rs 1.27 in FY23. The company reported Rs 57 crore in current assets, including Rs 10 crore in cash and bank balance, for FY24. According to startup data intelligence platform TheKredible, Saveo has raised a total of $20 million in funding to date. Its leading investors include Matrix Partners (11.81%), RTP Global Partners (10.42%), and Indian Quotient (9.06%). The pharmacy business which Saveo serves is in the middle of a significant wave of changes. For Saveo, it's a period to keep a tight lid on costs while expanding carefully. It has used the IT expertise of its founders to make the process as simple as possible and seems close to success in terms of breakeven. The trajectory is certainly promising either way.

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