The new funding round also saw participation from existing investors including InfoEdge Ventures, Asha Impact and IAN Fund
Truemeds, India’s leading telehealth platform, 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. The round witnessed oversubscription from new and existing investors however the company decided to cap the raise to $22 million.
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 massive organic demand.
Commenting on the announcement Akshat Nayyar, Co-founder and CEO, Truemeds said, “We are overwhelmed by the confidence our incoming and existing investors have shown in us. We are excited to welcome Westbridge Capital to join us as we make Truemeds a household name.”
Akshat added, “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 no difference in the scientific composition of generics and branded drugs. 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.”
In an effort to improve the customer experience and reach, the company plans to triple its fulfilment centres across the country in the next six months.
Sandeep Singhal, MD, 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.”
