Truemeds raises $22 million in Series B round

Telehealth startup Truemeds gains $22 million in its Series B funding round led by WestBridge Capital.

Telehealth startup Truemeds gains $22 million (around Rs 167.2 crores) in its Series B funding round led by WestBridge Capital. 

Founded by Akshat Nayyar and Kunal Wani in 2018, Truemeds offers subscription-based affordable medicines for chronic patients. The founders are ex-Abbott executives.  It is estimated that the 250 million chronic patients in India spend 15-20% of their family income on medicines alone. 

A customer of Truemeds claims to save 47% of their bill. The startup also claims that these savings could reach 70% It operates on an e-commerce business model which generates savings for its consumers while staying profitable. 

The startup fulfils the demand of 100,000 orders every month and hosts a customer base of 5 lakh chronic patients. With the current funds, the startup plans to expand out of Maharashtra. 

The startup also says that 95% of drugs sold in India are off-patent. Which makes their generic medicines. These generic medicines have no composition difference from branded medicines. The Indian generic market is rising 1.5 times the overall pharmaceutical market.

They had raised $5 million in its Series A round with participation from Asha Impact, IAN Fund and Info Edge Ventures. In 2020, they had gained seed fund worth Rs 57.5 million ($487,000) from Info Edge Ventures.

Tags : #Truemeds #AkshatNayyar #KunalWani #Abbott #chronic-illness #medicines-delivery #funding #fundingalert #smitakumar #medicircle

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Priyal Shah

Priyal Shah is a graduate of Media from Mithibai College, Mumbai. She is a writer, researcher and avid reader.

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