Info-tech

Pharma marketplace Saveo acqui-hires retail start-up ShuttrStores

Our Bureau | | Updated on: Jan 13, 2021

ShuttrStores founders to join Saveo’s tech team

Saveo Healthtech Pvt Ltd, a Bengaluru-based B2B e-commerce marketplace for pharmacies, has acqui-hired Gurugram-based retail start-up ShuttrStores. The financial terms of the deal were not disclosed.

Post deal, both ShuttrStores founders — IIT-Kanpur graduates Kshitij Yadav and Kamlesh Meena — will join Saveo’s technology team.

“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,” Saveo co-founder Vivek Jaiswal said.

ShuttrStores, set up last year, aims to organise and aggregate the $40-billion Indian pharmacy retail market and create a chain of tech-enabled stores.

Founded in August 2019 by IIT graduates Amit Kumar, Anurag Savarnya, Shivansh Shrivastava and Vivek Jaiswal, Saveo is a managed marketplace for medicines. It had raised ₹2 crore in March 2020 led by early stage venture capital firm India Quotient and First Cheque, with participation from Better Capital.

Published on January 13, 2021
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