Telehealth platform Truemeds has closed its Series B funding round led by private equity fund Westbridge Capital. The new funding round also saw participation from existing investors including InfoEdge Ventures, Asha Impact and IAN Fund. According to the company, the round witnessed oversubscription from new and existing investors, however, the company decided to cap the raise to $22 million.
This comes less than a year after the company scooped up $5 million in its Series A round led by InfoEdge Ventures, Asha Impact and IAN in June last year.
Truemeds plans to utilize the funds to accelerate growth in the untapped domestic market and expand its coverage across the country, said the company in a press release.
As per Fintrackr’s estimates, Truemeds has raised this round at a post-money valuation of $75-80 million.
Founded by Akshat Nayyar and Kunal Wani, the startup lets consumers find medicines of alternate brands with the help of prescriptions uploaded by them. As per the company, 95% of the drugs sold in India are off-patent and on average, a customer saves approximately 47% on their monthly medicine bills by using Truemeds.
With more than 5 lakh customers, Truemeds currently claims to fulfil over 1 lakh orders every month. It further plans to triple the number of its fulfilment centres across the country in the next 6 months.
The three-year-old company has also filed its annual financial statements for the fiscal year ending on March 31, 2021. The company’s revenue from operations increased 11X to Rs 10.61 crore in FY21 from Rs 0.95 crore in FY20. In the fiscal year, the total cost of the company also soared 9X to Rs 14.2 crore in FY21 from Rs 1.63 crore in the previous fiscal year which resulted in a 3.6X jump in its losses to Rs 2.42 crore in FY21 from Rs 11 crore in the preceding fiscal year.