Tele-health Platform: Truemeds raises $22 million in funding via WestBridge Capital
- ByStartupStory | April 26, 2022
Truemeds, the tele-health platform has raised $22 million in its Series B round, via WestBridge Capital. The round also saw participation from existing investors including InfoEdge Ventures, Asha Impact and IAN Fund.
Last year, in its Series A round Truemeds raised $5 million (Rs 36.4 crore). Subscription-like services for chronic patients are offered by the company.
To utilize the funds in order to accelerate growth in the untapped domestic market and expand its coverage across the country has been planned by it.
Truemeds founded by Akshat Nayyar and Kunal Wani, focuses on recommending value alternative brands to chronic patients.
Free delivery of the suggested brands are provided by the Mumbai-based startup. More than 500,000 customers have been served by the company so far. To expand operations beyond Maharashtra has been looked forward to.
Truemeds said in a statement that in the next six months, the company plans to triple its fulfilment centres across the country, in an effort to improve the customer experience and reach.
Currently, more than 100,000 orders are being fulfilled by the company each month and is growing rapidly, it said
The overall pharmaceutical market in the Indian generic-generic market is growing at 1.5 times and following the US landscape where the generics prescription share moved to over 85% in 2019 from 40% in 2005, he added.
According to the company, about 15-20% of the family income is spent on medicines by over 250 million chronic patients in India. Around 47% of medical bills are saved on an average by Truemeds customers and this can go as high as 70%.
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