Truemeds closes $85 Mn Series C round led by Accel and PeakXV

Mumbai-based e-pharmacy and telehealth platform Truemeds has closed its $85 million Series C funding led by Accel and Peak XV Partners. The round was completed in two tranches. WestBridge Capital and Info Edge Ventures also participated.

Entrackr had exclusively reported the Series C round last month. 

According to the company, it will use the funds to open more fulfillment centers in non-metro areas, expand its engineering and product teams, and set up a new office in Bengaluru. It aims to triple its national penetration.

The company has also introduced an ESOP buyback policy to acknowledge the contributions of its team.

Truemeds has launched its iOS app and plans to introduce diagnostic services in the next two to four months. Its pilot diagnostics operations will begin in four cities in the next two quarters. The company is investing in AI- and ML-powered tools for product curation, patient journeys, and demand forecasting.

Founded in 2019 by Akshat Nayyar and Dr. Kunal Wani, Truemeds offers clinically equivalent alternatives to branded medicines. It claims patients save 50–70% on monthly medicine costs. The platform targets chronic care patients, including those with diabetes, hypertension, and cardiovascular disease.

The company serves all major locations in India and operates a nationwide logistics network. It engages around 600 doctors daily and employs about 3,000 people, including a 250-member head office team. 

According to startup data intelligence platform TheKredible, the firm has raised over $110 million to date. As of the previous round, Westbridge was the largest shareholder in Truemeds followed by Info Edge and Peak XV.

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 revenue in the same fiscal year.