Latest news with #Truemeds
Entrepreneur
17 hours ago
- Business
- Entrepreneur
Truemeds Secures USD 85 Mn Series C Funding to Expand Affordable Healthcare Access
The Series C round's first close was led by Accel, followed by a second close led by Peak XV Partners, with significant participation from WestBridge Capital and Info Edge Ventures. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Mumbai-based e-pharmacy and telehealth platform Truemeds has raised USD 85 million in its Series C funding round led by Accel and Peak XV Partners. The round was completed in two tranches. WestBridge Capital and Info Edge Ventures also participated. The company plans to deploy the capital to open additional fulfillment centers in high-demand non-metro regions, strengthen its engineering and product teams with experienced professionals, and establish a new office in Bengaluru to access India's technology talent pool. It also aims to triple its national penetration while expanding into diagnostic services within the next few months. Founded in 2019 by Akshat Nayyar and Dr Kunal Wani, Truemeds offers clinically equivalent alternatives to branded medicines, enabling patients to save between 50 and 70 percent on monthly costs. The platform primarily serves chronic care patients, including those managing diabetes, hypertension, and cardiovascular diseases. Operating in all major locations across the country, the company engages with around 600 doctors daily and employs about 3,000 people, including a 250-member head office team. "Our vision is simple—to bring the lowest prices for medicines in India, while ensuring every patient gets the quality they can trust," said Akshat Nayyar, Co-founder and CEO of Truemeds. "With this funding, we're ready to strengthen our foundation, grow our offerings, and reach deeper into India's non-metro regions, where access to affordable healthcare can truly change lives." The company recently launched its iOS application to reach a broader audience and is preparing to roll out diagnostic services in four pilot cities over the next two quarters. It also plans to integrate artificial intelligence and machine learning tools for product curation, personalized patient journeys, and demand forecasting to enhance supply chain efficiency for pharmaceutical partners. Abhinav Chaturvedi, Partner at Accel, said, "India's healthcare market is undergoing rapid transformation, yet affordability continues to be a major barrier—especially in chronic care. Truemeds is bridging this gap with a clinically guided, technology-led platform that delivers transparency and accessibility at scale." Sakshi Chopra, Managing Director at Peak XV Partners, added, "Their mission to make chronic care affordable for millions, especially in underserved non-metro markets, is both timely and transformative. By leveraging technology to deliver a seamless customer experience, they are redefining how essential medicines reach those who need them the most." With this funding round, Truemeds is positioned to expand its role in India's growing healthcare market, focusing on affordability, accessibility, and innovation in chronic care delivery.
Yahoo
a day ago
- Business
- Yahoo
Why investors just bet $85M on this Indian company's generic drug strategy
With over 400 million chronic patients, India is one of the world's largest medicine markets. But while most e-pharmacies chase speed, affordability remains the real challenge. Truemeds took a different route: helping patients switch to lower-cost substitutes, a bet now paying off with new funding at about four times its previous valuation. The six-year-old startup has raised $85 million in a new round that includes $65 million in primary and $20 million in secondary funding led by Accel, along with participation from Peak XV Partners. TechCrunch first reported on Accel's talks to back Truemeds last year. Existing investors WestBridge Capital and InfoEdge Ventures, also participated. The fresh round has boosted Truemeds' valuation to over $400 million, up from the $110 million in its last round two years ago. Founded in 2019, Truemeds entered the market at a time when India's online pharmacy space was already crowded with major players offering steep discounts on branded generics. But some of those companies struggled to sustain early momentum — Prosus Ventures-backed PharmEasy, for instance, saw its valuation drop from a peak of $5.6 billion to under $600 million, while 1mg was acquired by Tata Digital, part of the Tata Group. Instead of competing head-on, Truemeds' founders chose to focus on a relatively niche segment: generic medicines. 'There is no way to educate the user that you can have more affordable options if you can't afford these drugs,' said Truemeds co-founder Akshat Nayyar (pictured above, left) in an interview. 'That is where we felt that nobody in the value chain was working towards that, and we can bridge that gap.' The Mumbai-based recommends generic alternatives to consumers for the branded medicines they need. This eventually helps consumers save money, as generic drugs are typically more affordable than their branded versions due to cost efficiencies in their development process. Truemeds says its differentiated approach has paid off, with revenue growing over 66% year-over-year to ₹5 billion ($57 million) in the last financial year. The startup says it retains more than 15% of its revenue after 12 months and now serves an average of 500,000 customers each month, with a total of 3 million customers to date. Moreover, it says it now serves over 20,000 postal codes across the country, with more than 75% of its customers coming from tier-2 cities and beyond. However, educating customers about alternatives to their prescribed medicines — and convincing them to switch from branded drugs to generics — remains a challenge. 'Because you get anchored to your prescribed brand's price, and when you suddenly see a lower price, you want to know why it is low,' Nayyar told TechCrunch. Increasing discounts while competitors cut back While today's e-pharmacies chase speed over savings, the sector's early playbook was different. Online pharmacies in India used to offer discounts of up to 25% to attract customers. However, Nayyar said this dropped to 20% and then 15% — the new average — as most burned cash to acquire new customers and pivoted to faster delivery as their main differentiator. Meanwhile, Truemeds has gone in the opposite direction, increasing its average discounts from 29% to 32% in the last 12 months. For an average user who switches brands on the platform, savings reach 47% on their medicine, says the company. This comes from Truemeds' deep procurement relationships with pharma companies, where the startup uses its technology to give manufacturers better demand visibility, helping them plan production more efficiently for upcoming quarters, he said. The startup also relies on its own logistics in some of the major cities it operates in and uses low-cost logistics partners for the rest. 'We believe that our four-hour delivery model is more than sufficient from a chronic patient's perspective,' said Nayyar. 'You're able to do more planned purchases that way, but we want to do it in the most efficient manner, and pass more and more discounts to the end user rather than [focus on] the fastest delivery for that matter.' Next up: AI-powered customization and doorstep diagnostics As Truemeds needs to convince customers to choose generics over branded medicines, it goes through deeper consultations with them. It already conducts 10-12 million consultations per year. The startup has developed an algorithm over the years that looks at various parameters to precisely suggest alternatives to the branded drugs a customer demands. It considers nuances such as whether the medicine is sugar-coated if it is for a young patient, where it is manufactured, and whether the plant is GMP-certified, among others. The startup also has a chatbot to address some user queries quickly. Much more is on the roadmap. The company plans to develop an AI-based system that customizes conversations based on customers' behavior and previous interactions with generic alternatives. It's also opening a Bengaluru office while dedicating at least 20% of its capital to engineering and product development. Beyond medicines, Truemeds is plotting to enter diagnostics through partnerships with national pathology labs, planning to pilot lab testing services in some tier-2 cities in the next three to four months. 'The primary mission remains the same, which is making healthcare affordable for the end user,' the co-founder said. 'It started with medicines. Now that the model is getting established, we are going to keep scaling that. Simultaneously, we also want to see if we can do something similar on the diagnostics front, where we can be the lowest cost provider of at least the most common tests.' The startup also plans to increase its fulfillment center count by 300% — from 19 currently — over the next 12 months, aiming to deepen its presence in existing markets. Before this round, Truemeds raised $50 million and still has 30–35% of that capital in the bank, Nayyar said. The startup has a workforce of 2,800 people, with 250 based in its Mumbai office. Sign in to access your portfolio
TechCrunch
a day ago
- Business
- TechCrunch
Why investors just bet $85M on this Indian company's generic drug strategy
With over 400 million chronic patients, India is one of the world's largest medicine markets. But while most e-pharmacies chase speed, affordability remains the real challenge. Truemeds took a different route: helping patients switch to lower-cost substitutes, a bet now paying off with new funding at about four times its previous valuation. The six-year-old startup has raised $85 million in a new round that includes $65 million in primary and $20 million in secondary funding led by Accel, along with participation from Peak XV Partners. TechCrunch first reported on Accel's talks to back Truemeds last year. Existing investors WestBridge Capital and InfoEdge Ventures, also participated. The fresh round has boosted Truemeds' valuation to over $400 million, up from the $110 million in its last round two years ago. Founded in 2019, Truemeds entered the market at a time when India's online pharmacy space was already crowded with major players offering steep discounts on branded generics. But some of those companies struggled to sustain early momentum — Prosus Ventures-backed PharmEasy, for instance, saw its valuation drop from a peak of $5.6 billion to under $600 million, while 1mg was acquired by Tata Digital, part of the Tata Group. Instead of competing head-on, Truemeds' founders chose to focus on a relatively niche segment: generic medicines. 'There is no way to educate the user that you can have more affordable options if you can't afford these drugs,' said Truemeds co-founder Akshat Nayyar (pictured above, left) in an interview. 'That is where we felt that nobody in the value chain was working towards that, and we can bridge that gap.' The Mumbai-based recommends generic alternatives to consumers for the branded medicines they need. This eventually helps consumers save money, as generic drugs are typically more affordable than their branded versions due to cost efficiencies in their development process. Truemeds says its differentiated approach has paid off, with revenue growing over 66% year-over-year to ₹5 billion ($57 million) in the last financial year. The startup says it retains more than 15% of its revenue after 12 months and now serves an average of 500,000 customers each month, with a total of 3 million customers to date. Moreover, it says it now serves over 20,000 postal codes across the country, with more than 75% of its customers coming from tier-2 cities and beyond. Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital, Elad Gil — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $600+ before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | REGISTER NOW However, educating customers about alternatives to their prescribed medicines — and convincing them to switch from branded drugs to generics — remains a challenge. 'Because you get anchored to your prescribed brand's price, and when you suddenly see a lower price, you want to know why it is low,' Nayyar told TechCrunch. Increasing discounts while competitors cut back While today's e-pharmacies chase speed over savings, the sector's early playbook was different. Online pharmacies in India used to offer discounts of up to 25% to attract customers. However, Nayyar said this dropped to 20% and then 15% — the new average — as most burned cash to acquire new customers and pivoted to faster delivery as their main differentiator. Meanwhile, Truemeds has gone in the opposite direction, increasing its average discounts from 29% to 32% in the last 12 months. For an average user who switches brands on the platform, savings reach 47% on their medicine, says the company. This comes from Truemeds' deep procurement relationships with pharma companies, where the startup uses its technology to give manufacturers better demand visibility, helping them plan production more efficiently for upcoming quarters, he said. The startup also relies on its own logistics in some of the major cities it operates in and uses low-cost logistics partners for the rest. 'We believe that our four-hour delivery model is more than sufficient from a chronic patient's perspective,' said Nayyar. 'You're able to do more planned purchases that way, but we want to do it in the most efficient manner, and pass more and more discounts to the end user rather than [focus on] the fastest delivery for that matter.' Next up: AI-powered customization and doorstep diagnostics As Truemeds needs to convince customers to choose generics over branded medicines, it goes through deeper consultations with them. It already conducts 10-12 million consultations per year. The startup has developed an algorithm over the years that looks at various parameters to precisely suggest alternatives to the branded drugs a customer demands. It considers nuances such as whether the medicine is sugar-coated if it is for a young patient, where it is manufactured, and whether the plant is GMP-certified, among others. The startup also has a chatbot to address some user queries quickly. Much more is on the roadmap. The company plans to develop an AI-based system that customizes conversations based on customers' behavior and previous interactions with generic alternatives. It's also opening a Bengaluru office while dedicating at least 20% of its capital to engineering and product development. Beyond medicines, Truemeds is plotting to enter diagnostics through partnerships with national pathology labs, planning to pilot lab testing services in some tier-2 cities in the next three to four months. 'The primary mission remains the same, which is making healthcare affordable for the end user,' the co-founder said. 'It started with medicines. Now that the model is getting established, we are going to keep scaling that. Simultaneously, we also want to see if we can do something similar on the diagnostics front, where we can be the lowest cost provider of at least the most common tests.' The startup also plans to increase its fulfillment center count by 300% — from 19 currently — over the next 12 months, aiming to deepen its presence in existing markets. Before this round, Truemeds raised $50 million and still has 30–35% of that capital in the bank, Nayyar said. The startup has a workforce of 2,800 people, with 250 based in its Mumbai office.
Time of India
a day ago
- Business
- Time of India
Truemeds closes $85 million funding led by Accel and Peak XV Partners
Academy Empower your mind, elevate your skills Telehealth platform Truemeds has secured $85 million in a funding round led by Accel and Peak XV Partners , its cofounder Akshat Nayyar told the total, $65 million was primary capital while $20 million was secondary transactions through which early backers are exiting, according to Nayyar, who said existing investors WestBridge Capital and Info Edge Ventures also participated in 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 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 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 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 closed FY25 with about Rs 510 crore in net the e-pharmacy space, it competes with companies including Tata 1mg, PharmEasy, Netmeds and 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.
Economic Times
a day ago
- Business
- Economic Times
Truemeds closes $85 million funding led by Accel and Peak XV Partners
Company Images (L-R) Akshat Nayyar and Dr Kunal Wani, cofounders, Turemeds Telehealth platform Truemeds has secured $85 million in a funding round led by Accel and Peak XV Partners, its cofounder Akshat Nayyar told the total, $65 million was primary capital while $20 million was secondary transactions through which early backers are exiting, according to Nayyar, who said existing investors WestBridge Capital and Info Edge Ventures also participated in the financing. 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 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 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 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 closed FY25 with about Rs 510 crore in net the e-pharmacy space, it competes with companies including Tata 1mg, PharmEasy, Netmeds and 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? How Mukesh Ambani's risky bet has now become Reliance's superpower Berlin to Bharuch: The Borosil journey after the China hit in Europe As RBI retains GDP forecast, 4 factors that will test the strength of Indian economy In a flat market, are REITs the sweet spot between growth and safety? These large- and mid-cap stocks may give more than 25% return in 1 year, according to analysts Buy, Sell or Hold: Avendus trims target on Titan Company; Motila Oswal maintains buy on Jindal Stainless Stock picks of the week: 5 stocks with consistent score improvement and return potential of more than 23% in 1 year
