[Funding Alert] Truemeds raises $22 Mn Series B funding led by Westbridge Capital

TrueMeds

Telehealth platform Truemeds bags $22 million in Series B funding led by private equity fund Westbridge Capital. The new funding round also saw participation from existing investors including InfoEdge Ventures, Indian Angel Network Fund (IAN), and Asha Impact.

As per the company, the round even witnessed oversubscription from new and existing investors. The telehealth company has raised a significantly higher amount in Series B than it did in its Series A round ($5 million) in June 2021, from existing investors InfoEdge Ventures, IAN Fund, and Asha Impact.

In May 2020, the company raised $487,000 as a part of its seed funding round led by InfoEdge Ventures. The fresh funds will be used to accelerate growth in the untapped domestic market and expand its coverage across the country.

Founded by Akshat Nayyar and Kunal Wani, Truemeds is a telehealth platform that recommends best value alternate brands of medicines to patients along with free delivery.

The startup leverages its intelligent medicine recommendation engine to help patients find the best value medicines from the top one percent medicine manufacturers in India and provides free doctor consultations to help patients make the right decisions for themselves.

The company claims to save 47% on its users’ monthly medicine bills by using a proprietary recommendation engine and free consultation from its doctors, which can go to as high as 70%.

Akshat Nayyar, Co-founder and CEO of Truemeds, said,
“India is one of the very few markets where we have pseudo-categorization of medicines in branded and generic-generic to create different price tiers between them. 95 percent of the drugs sold in India are off-patent (thus technically generics). There is no difference in the scientific composition of generics and branded drugs.”

Truemeds asserts that it has witnessed phenomenal growth in the last two years on the back of strong product-market-fit and massive organic demand.

Akshat Nayyar added, “Indian generic to generic market is growing at 1.5 times the overall pharmaceutical market and following the US landscape where the generics prescription share moved from 40 percent in 2005 to over 85 percent in 2019. The market move towards generics is inevitable, and Truemeds will lead that change.”

Sandeep Singhal, Managing Director at Westbridge Capital, said, “We are excited to partner with Truemeds as they create value for patients by delivering high-quality drugs at affordable prices at the patients’ doorstep. The founding team’s strong category understanding has resulted in the success at Truemeds.”

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