Truemeds raises $5 million in funding led by InfoEdge Ventures


Tele-health platform Truemeds has raised $5 million (Rs 36.4 crore) in a Series A funding round led by InfoEdge Ventures, Asha Impact and Indian Angel Network.

InfoEdge had invested also in the seed round of the startup.

Founded by Akshat Nayyar and Kunal Wani, Truemeds focuses on recommending value alternative brands to chronic patients. The Mumbai-based startup provides free delivery of the suggested brands.

Monthly orders processed by Truemeds have grown 40 times since its launch in 2019, the company said in a news release.

“The funding will be used to further expand its footprint to three additional cities, build product and technology and invest in improving the supply chain of generic medicines,” the release said.

Its services currently are available in 16,000 PIN code areas.

Truemeds is building a ‘subscription-like’ service for chronic patients, where it has seen as much as 60% of customers placing repeat orders and making 8-10 purchases a year.

According to the company, the ongoing pandemic has made consumers more conscious not only of their health but also of the rising healthcare costs, accelerating the trend towards more affordable, high-quality medical alternatives.

“Truemeds was founded with a mission to make medicine affordable for chronic patients. For us, it wasn’t just about providing best value alternate brands, it was about changing the paradigm of doctor-patient relationship,” said Nayyar, who is also its chief executive.

“We continue our support for the company as they build further on the proposition to deliver significant savings on healthcare expenses of consumers,” InfoEdge partner Amit Behl said.

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In an October 2020 report, market data company Statista predicted the telemedicine market in India to grow to $5.5 billion by 2025 from about $830 million in 2019.

“During the coronavirus (Covid-19) pandemic, the adoption of virtual care was accelerated throughout the country. This included teleconsultation, teleradiology, telepathology and e-pharmacy,” the report said.



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