Exclusive: Peak XV joins Truemeds’ Series C round with $20 Mn

Telehealth platform Truemeds has secured another $20 million or Rs 174.33 crore in its ongoing Series C round from new investor Peak XV Partners.

This investment is an extension of the $44 million raised by Truemeds in March this year, led by Accel, which was exclusively reported by Entrackr.

The board at Truemeds has allotted 19,737 Series C2 compulsory convertible preference shares at an issue price of Rs 88,331 each to raise the aforementioned sum from Peak XV, its regulatory filing accessed from the Registrar of Companies (RoC) shows.

The company plans to utilise the funds for business expansion and to support its growth plans, according to the filing. As per Entrackr’s estimates, its valuation stood at $410 million (Rs 3,487 crore) in the new tranche (post-allotment), a 22% increase from its C1 tranche.

Founded by Akshat Nayyar and Kunal Wani, Truemeds helps consumers discover cost-effective alternative brands for prescribed medicines by analyzing the prescriptions they upload. It partners with certified pharmacies to deliver medicines at discounted prices, aiming to make healthcare more affordable and accessible.

According to startup data intelligence platform TheKredible, the firm has raised over $90 million to date. Following the latest allotment, Peak XV holds a 5% stake in the company. Westbridge is the largest shareholder in Truemeds followed by Info Edge which owns 21.87% stake. Co-founders Akshat Nayyar and Kunal Wani both collectively retain 21.3%.

Truemeds doubled its revenue to Rs 315 crore in FY24, while its losses narrowed by 9% to Rs 61 crore during the same period.

The Mumbai-based firm competes with telehealth platforms like PharmEasy, which recorded Rs 5,664 crore in revenue in FY24, and Tata 1mg, which posted Rs 1,964 crore .