New Delhi, Aug. 11 -- Truemeds, an online pharmacy and telehealth platform for chronic care, has raised $85 million (around Rs 748 crore) in its Series C financing. The funding was completed in two closes- the first led by Accel, and the second by Peak XV Partners.
Existing investors, including homegrown private equity firm WestBridge Capital and Info Edge Ventures, also participated in the funding mop-up. Prior to this, the company raised $22 million in its Series B funding round led by WestBridge Capital.
While the company already operates in all major locations across India, it plans to use the new capital to improve its national presence. The expansion strategy includes opening additional fulfillment centers in high-demand non-metro markets, improving engineering and product capabilities with top tier talent, and setting up a new technology hub in Bengaluru.
"Our vision is simple- to bring the lowest prices for medicines in India, while ensuring every patient gets the quality they can trust. With this funding, we're ready to strengthen our foundation, grow our offerings, and reach deeper into India's non-metro regions, where access to affordable healthcare can truly change lives," said Akshat Nayyar, co-founder and chief executive officer of Truemeds.
Founded in 2019 by Nayyar and Dr Kunal Wani, Truemeds claims that it offers alternatives to essential medicines, helping patients save 50-70% on their monthly bills. The Mumbai headquartered company also claims that it uses a proprietary recommendation algorithm to suggest clinically equivalent, cost-effective substitutes.
Operated by Intellihealth Solutions Pvt. Ltd, Truemeds has a nationwide logistics network with a growing digital presence. It provides medicines for long-term health conditions such as diabetes, hypertension, and cardiovascular disease. It plans to introduce diagnostic services in four pilot cities within the next two quarters to provide chronic patients with lab testing.
"India's healthcare market is undergoing rapid transformation, yet affordability continues to be a major barrier, especially in chronic care. Truemeds is bridging this gap with a clinically guided, technology-led platform that delivers transparency and accessibility at scale," said Abhinav Chaturvedi, partner at Accel.
The platform currently engages around 600 doctors daily, and employs approximately 3,000 people across the organisation, including fulfilment centre staff and a 250-member head office team.
Published by HT Digital Content Services with permission from VC Circle.