Truemeds closes $85 million funding led by Accel and Peak XV Partners
The company will use the funds to triple its national footprint by adding fulfillment centres, expand its team and set up a technology hub in Bengaluru, he said. 'We have cracked the business model and the product market fit is in place too. Even at an order level economics, we are able to deliver a very positive result. So, now we are focusing on expanding our footprint in the country,' Nayyar said.In April 2022, Truemeds had raised $22 million in a funding round led by Westbridge Capital and participation from existing investors. In 2021, the company had raised $5 million from investors including InfoEdge Ventures, Asha Impact and Indian Angel Network.The platform has raised $135 million to date and is valued at over $400 million.'India's healthcare market is undergoing rapid transformation, yet affordability continues to be a major barrier, especially in chronic care,' Abhinav Chaturvedi, Partner at Accel, said in a prepared statement. 'Truemeds is bridging this gap with a clinically guided, technology-led platform that delivers transparency and accessibility at scale.'Truemeds, founded by Nayyar and Kunal Wani in 2019, focuses on recommending value alternative brands to patients.'By leveraging technology to deliver a seamless customer experience, they are redefining how essential medicines reach those who need them the most,' Sakshi Chopra, managing director of Peak XV, said in a statement.The Mumbai-based company has 19 fulfillment centres and plans to take it to 50 in the next 12 months, according to Nayyar. Monthly orders processed by the platform have grown by more than 100% year-on-year to close to 600,000 each month.Truemeds closed FY25 with about Rs 510 crore in net revenue.In the e-pharmacy space, it competes with companies including Tata 1mg, PharmEasy, Netmeds and Apollo.Seeing a growing demand for quick commerce, Truemeds' rivals have launched rapid delivery services. However, Truemeds target consumers are people with chronic ailments who plan their medicine purchase.'There is a need for urgent care when it comes to health, which is what quick commerce will be able to solve. However, we are focusing more on the planned care part,' said Nayyar. 'Our target market is that where there is a planned need for medicines, which is more value-driven than speed-driven.'Even quick commerce platforms such as Swiggy's Instamart, Flipkart Minutes and Zepto have also started delivering medicines in minutes. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Can Coforge's ambition to lead the IT Industry become a reality?
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