Truemeds raises $22mn in series B funding round led by Westbridge Capital

Telehealth Platform Truemeds, closed its series B funding round at $22 million 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. The round witnessed oversubscription from new and existing investors.

The company plans to utilise the funds to accelerate growth in the untapped domestic market and expand its coverage across the country. 

Founded by Ex-Abbott executives, Akshat Nayyar and Dr. Kunal Wani, Truemeds has witnessed phenomenal growth in the last 2 years on the back of strong product-market fit and a massive organic demand.

Commenting on the announcement Akshat Nayyar, Co-founder & CEO of Truemeds said “India is one of the very few markets where we have pseudo-categorisation of medicines in branded and generic-generic to create different price tiers between them. 95 per cent of the drugs sold in India are off-patent (thus technically generics). There is absolutely no difference in the scientific composition of generics and branded drugs."

He further added" "Indian generic-generic market is growing at 1.5 times the overall pharmaceutical market and following the US landscape where the generics prescription share moved from 40 per cent in 2005 to over 85 per cent in 2019. The market move towards generics is inevitable and Truemeds will lead that change.”

At present, Truemeds have presence in Maharashtra and the company is currently fulfilling over 100,000 orders every month and growing rapidly. In an effort to improve the customer experience and reach, the company plans to triple its fulfilment centres across the country in the next 6 months.

Sandeep Singhal, Managing Director, Westbridge Capital commented, “We are excited to partner with Truemeds as they create value for patients by delivering high quality drugs at extremely affordable prices at the patients' doorstep. The founding team’s strong category understanding has resulted in the success at Truemeds and we are excited to help take the company to the next level.”