Truemeds Secures $85 Million Series C Funding to Enhance Telehealth Services
Mumbai-based e-pharmacy and telehealth platform Truemeds has successfully completed its $85 million Series C funding round, led by Accel and Peak XV Partners. This funding was secured in two different stages, with the participation of WestBridge Capital and Info Edge Ventures.
The Series C round was previously reported exclusively by Startup Superb last month.
Utilisation of Funds by Truemeds
The company plans to utilise the funds raised to open additional fulfillment centres in non-metro regions, enhance its engineering and product teams, and establish a new office in Bengaluru. The objective is to significantly boost its national penetration.
Innovative Policies and App Launch
Truemeds has also rolled out an ESOP buyback policy, recognising the invaluable contributions made by its team members. In addition to this, the company has launched its iOS application and is poised to offer diagnostic services within the next two to four months. Pilot diagnostic operations will commence in four cities within the upcoming two quarters.
Investment in Technology
Truemeds is making significant investments in AI and machine learning-driven tools aimed at optimising product curation, improving patient journeys, and enhancing demand forecasting.
About Truemeds
Founded in 2019 by Akshat Nayyar and Dr. Kunal Wani, Truemeds provides clinically equivalent alternatives to branded medications, claiming that patients can save between 50% and 70% on their monthly medication expenses. The platform specifically targets patients with chronic conditions, including diabetes, hypertension, and cardiovascular issues.
Operational Reach and Workforce
Truemeds serves all significant locations across India and boasts a comprehensive logistics network. The company engages around 600 doctors on a daily basis and employs approximately 3,000 staff members, including a dedicated team of 250 at its headquarters.
Fundraising Milestones
According to various sources on startup data intelligence, Truemeds has raised over $110 million cumulatively to date. In the latest funding round, WestBridge emerged as the largest shareholder, followed by Info Edge and Peak XV.
Financial Performance
In FY24, Truemeds achieved a revenue figure of Rs 315 crore, effectively doubling its earnings. Furthermore, it managed to narrow its losses by 9%, reporting Rs 61 crore during the same fiscal period.
Market Competition
The Mumbai-based firm faces competition from various telehealth platforms, including PharmEasy which reported Rs 5,664 crore in revenue for FY24, and Tata 1mg, with Rs 1,964 crore in revenue during the same fiscal year.