Online pharmacy service Truemeds secures $85 million in investment, with Accel and Peak XV Partners heading the funding round.
Truemeds Secures $85 Million in Series C Funding
Truemeds, a Mumbai-based telehealth and e-pharmacy platform, has announced the successful completion of a Series C funding round, raising a total of $85 million. The round was led by Accel and Peak XV Partners, with participation from WestBridge Capital, Info Edge Ventures, Kalaari Capital, Blume Ventures, and SV Health Investors.
The funding round includes $65 million in primary capital and $20 million in secondary transactions for early investor exits. This significant investment will enable Truemeds to strengthen its foundation, grow its offerings, and reach deeper into India's non-metro regions.
Founded in 2019 by Akshat Nayyar and Dr. Kunal Wani, Truemeds operates in the planned-care segment of India's e-pharmacy market. The platform currently processes approximately 600,000 orders per month and engages around 600 doctors daily.
Akshat Nayyar, Co-founder and CEO of Truemeds, stated that the company's vision is to bring the lowest prices for medicines in India while ensuring quality. To achieve this, Truemeds offers clinically equivalent, lower-cost alternatives to branded medicines for chronic conditions like diabetes, hypertension, and cardiovascular disease.
Abhinav Chaturvedi, Partner at Accel, believes Truemeds is bridging the affordability gap in India's healthcare market, especially in chronic care. He further praises the company's mission to make chronic care affordable, particularly in underserved non-metro markets. Sakshi Chopra, Managing Director at Peak XV Partners, echoes similar sentiments, finding Truemeds' use of technology to deliver a seamless customer experience transformative.
As part of its expansion plans, Truemeds is building a technology hub in Bengaluru and plans to more than double its national footprint. The company also plans to add fulfillment centers, expanding from 19 to 50 over the next year. In addition, Truemeds plans to hire across engineering and product teams.
Truemeds claims savings of 50-70% on monthly medicine costs, making it an attractive option for many consumers. The company also plans to roll out diagnostic services in the coming months, further enhancing its offerings.
With this funding, Truemeds is well-positioned to make a significant impact in India's healthcare market, bringing affordable and quality healthcare to more people across the country.
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