Mumbai-based Healthtech Startup Truemeds Raises $5 Million In Series A Funding Round
Mumbai-based healthtech startup Truemeds has raised $5 million in a Series A funding round from existing investor InfoEdge Ventures, Asha Impact and Indian Angel Network Fund.
As per the startup, it will use the funds to develop fulfilment centres in three new cities — apart from Mumbai. Truemeds also plans on using the funds to build technology and automate its supply chains.
Started by Akshat Nayyar and Dr Kunal Wani in 2019, Truemeds uses a proprietary algorithm and has created a web-based platform and app, which lets people suffering from chronic illnesses, including diabetes and hypertension, find medicines of alternate brands.
Speaking about Truemeds, Akshat Nayyar, Co-founder of Truemeds, said, “We are targeting people above the age of 45 who start developing chronic illnesses and then have to regularly take medications. The medications usually prescribed have alternatives, which could be cheaper and do the same job. This brings the monthly spend on medicines.”
The Indian healthtech market is growing at a CAGR of 39% to reach $5 billion by 2023, says a report by IAMAI-Praxis.
Need legal assistance for your startup? Just contact us.