Truemeds, a Mumbai-based telehealth platform, has raised $22 million in Series B funding led by private equity fund WestBridge Capital. Existing investors, including InfoEdge Ventures, Asha Impact, and IAN Fund, also participated in the funding round.

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

Truemeds | Making Healthcare Affordable And Accessible

Founded by ex-Abbott executives Akshat Nayyar and Dr Kunal Wani in 2019, Truemeds is a telehealth platform that helps users to reduce healthcare expenses and improve healthcare outcomes by recommending best value alternate brands to chronic patients through its proprietary algorithm and free doctor teleconsultation.

The telehealth platform leverages its intelligent medicine recommendation engine to help patients find the best value medicines from the top one percent medicine manufacturers in India.

Speaking about the generic and branded drug market in India, Akshat Nayyar, Co-founder and 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 percent 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.”

Akshat added that the market move towards generics is inevitable, and Truemeds will lead that change.

As per the startup, through its proprietary algorithm and teleconsultation, it is able to recommend best value medicines to customers with precise scientific matching and outcomes history leading to 50%+ savings for customers.

The Mumbai-based telehealth platform is currently fulfilling 1 lakh + orders every month and claims to have served 5 lakh + customers with little marketing effort. Additionally, the company claims to help customers save around 47 percent on their medicine bills, and this can go as high as 70 percent.

Need legal assistance for your startup? Just contact us.

Follow us and connect with us on Instagram, Facebook, Twitter and LinkedIn.