Total amount raised
$71.5 Millions
Latest funding date
3/1/2025
Location
Truemeds has successfully raised significant funding through multiple rounds, with its latest being a Series B. The company focuses on making healthcare accessible by advising patients on substitute medicines from reputed pharmaceutical companies.
Keep reading to explore the intricacies of Truemeds' fundraising journey and the investors backing this innovative platform.
What Is Truemeds?
Truemeds, founded in 2019 by Akshat Nayyar and Kunal Wani, is a health-tech startup based in Mumbai, Maharashtra, India. The company focuses on making healthcare accessible by advising patients on substitute medicines from reputed pharmaceutical companies.
With a team of 251-500 employees, Truemeds offers a wide range of healthcare products and services, including online medicine orders and free doctor consultations. Their platform helps users save on medical bills by recommending affordable and high-quality substitutes for branded medicines.
Truemeds delivers medicines across India, ensuring that patients receive the best possible care at the most reasonable prices. Their innovative approach and commitment to quality have made them a trusted name in the healthcare industry.
How Much Funding Has Truemeds Raised?
- Seed Round
- Amount Raised: ₹57.5M
- Date: May 2020
- Lead Investors: Info Edge Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop the platform.
- Series A
- Amount Raised: ₹364M
- Date: June 2021
- Lead Investors: Asha Impact, IAN Fund, Info Edge Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance technology for recommending substitute medicines.
- Series B
- Amount Raised: ₹1.7B
- Date: April 2022
- Lead Investors: WestBridge Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market reach.
- Series C
- Amount Raised: $44M
- Date: March 2025
- Lead Investors: Accel India
- Valuation at Round: $340M
- Motivation Behind the Round: To accelerate growth and strengthen operations in the generic medicine market.
Total Amount Raised: $44M + ₹2.1215B
Current Valuation: $340M
Key Investors
- Accel India
- Details: Accel India is a venture capital firm that focuses on early-stage and growth-stage investments. They have a significant presence in the technology sector.
- Investment Focus Areas: Technology, E-commerce, SaaS
- Notable Investments: Flipkart, Swiggy, Freshworks
- WestBridge Capital
- Details: WestBridge Capital is an investment firm that focuses on long-term investments in high-growth sectors. They invest in both public and private companies.
- Investment Focus Areas: Technology, Consumer, Financial Services
- Notable Investments: Delhivery, Oyo Rooms, PolicyBazaar
- Asha Impact
- Details: Asha Impact is an impact investment platform that supports social enterprises. They focus on sectors that have a significant social impact.
- Investment Focus Areas: Healthcare, Education, Financial Inclusion
- Notable Investments: Not publicly disclosed
- IAN Fund
- Details: IAN Fund is an early-stage investment fund that supports innovative startups. They are part of the Indian Angel Network.
- Investment Focus Areas: Technology, Healthcare, Consumer Products
- Notable Investments: Not publicly disclosed
- Info Edge Ventures
- Details: Info Edge Ventures is a venture capital firm that invests in internet-based businesses and technology-driven companies. They are known for their strategic investments in the Indian market.
- Investment Focus Areas: Internet, Technology, E-commerce
- Notable Investments: Zomato, PolicyBazaar, Naukri.com
What's Next for Truemeds?
Truemeds is poised to capitalize on the burgeoning generic medicine market in India, driven by increasing government initiatives and a growing awareness of affordable medication options. The company aims to expand its reach by focusing on segments like vitamins, supplements, and homeopathic medicines, which are seeing rising demand.
With the recent Series C funding, Truemeds is well-positioned for future fundraising opportunities to further accelerate its growth. However, the company faces challenges from government-backed pharmacies and private-sector digital health platforms, which could impact its market share. Navigating these competitive pressures will be crucial for Truemeds as it continues to scale its operations.
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