Truemeds, a telehealth platform, closed a $22 million Series B investment round on April 26th, 2022, sponsored by private equity firm Westbridge Capital.
Existing investors such as InfoEdge Ventures, Asha Impact, and IAN Fund took part in the fresh investment round. The round was oversubscribed by new and existing investors alike.
The cash will be used to help the company expand its coverage across the country and accelerate expansion in the untapped home market.
What the founder has to say:
Akshat Nayyar, Co-founder & CEO of Truemeds:
“We have pseudo-categorization of pharmaceuticals in branded and generic-generic to establish distinct price tiers amongst them in India, one of the very few places where we have it. In India, 95% of the medications sold are off-patent (thus technically generics). There is no difference between generics and branded medications in terms of scientific content.
“The Indian generic-generic market is increasing at 1.5 times the overall pharmaceutical market, mirroring the US environment, where generics prescription share has increased from 40% in 2005 to over 85% in 2019.” The shift to generics is unavoidable, and Truemeds will be at its forefront.”
What the investors have to say:
Sandeep Singhal, Managing Director- Westbridge Capital, said:
“We’re excited to work with Truemeds since they provide value to patients by delivering high-quality pharmaceuticals at meager prices right to their door.” Truemeds’ success is due to the founding team’s excellent category awareness, and we are thrilled to assist in taking the firm to the next level.”
About Truemeds:
Truemeds, founded by ex-Abbott executives Akshat Nayyar and Dr. Kunal Wani, has seen tremendous growth in the previous two years because of outstanding product-market fit and massive organic demand.
Truemeds currently has a presence in Maharashtra, and the company presently fulfills over 100,000 orders per month and is constantly expanding. In the next six months, the company wants to increase its fulfillment centers across the country in order to improve customer experience and reach.
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