Total amount raised
$71.5 Million
Latest funding date
3/1/2025
Location
Truemeds has successfully raised funding through seven rounds, with notable investors including Accel and Peak XV Partners. The company focuses on making healthcare more accessible by offering affordable medicine substitutes and free doctor consultations.
Keep reading to explore the intricacies of Truemeds' fundraising journey and the investors backing this innovative platform.
What Is Truemeds?
Truemeds, founded in 2019, is a health-tech startup based in Mumbai, Maharashtra, India. The company operates in the healthcare, medical, pharmaceutical, and telehealth industries, focusing on making healthcare accessible and affordable.
With a significant employee base ranging from 1001 to 5000, Truemeds offers a wide range of prescription and over-the-counter medications, personal care products, and healthcare devices. The platform emphasizes cost savings by recommending branded substitutes that are equally effective but cheaper, along with providing free doctor consultations and fast delivery across India.
How Much Funding Has Truemeds Raised?
- Series C
- Amount Raised: USD 44,000,000
- Date: March 2025
- Lead Investors: Accel
- Valuation at Round: USD 340,000,000
- Motivation Behind the Round: To accelerate growth, strengthen operations, and expand offerings in India's generic medicine market.
- Series B
- Amount Raised: USD 22,000,000
- Date: April 2022
- Lead Investors: WestBridge Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and expansion in the health-tech sector.
- Series A
- Amount Raised: USD 5,000,000
- Date: June 2021
- Lead Investors: Asha Impact, IAN Angel Fund, Info Edge ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform and expand the customer base.
- Seed
- Amount Raised: USD 750,000
- Date: May 2020
- Lead Investors: Info Edge ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the platform and begin operations.
Truemeds has raised a total of USD 71,750,000 in funding. The current valuation is USD 340,000,000.
Key Investors
- Accel
- Details: Accel is a venture capital firm that has invested in Truemeds, participating in multiple funding rounds, including the Series C round. The firm is known for its early-stage and growth-stage investments in technology-driven companies.
- Investment Focus Areas: Technology, internet, software
- Notable Investments: Flipkart, Swiggy, Freshworks
- Peak XV Partners
- Details: Peak XV Partners, formerly known as Sequoia India, is a major investor in Truemeds, participating in the Series C round. The firm focuses on investments in high-growth sectors.
- Investment Focus Areas: Technology, healthcare, consumer
- Notable Investments: Byju's, OYO, Zomato
- WestBridge Capital
- Details: WestBridge Capital is an investment firm that participated in Truemeds' Series B and Series C funding rounds. The firm focuses on long-term investments in high-growth sectors.
- Investment Focus Areas: Public and private companies, technology, healthcare
- Notable Investments: Byju's, PolicyBazaar, Delhivery
- Asha Impact
- Details: Asha Impact is an impact investment platform that has invested in Truemeds during the Series A round. The firm focuses on investments that generate social and environmental impact.
- Investment Focus Areas: Healthcare, education, financial inclusion
- Notable Investments: Not publicly disclosed
- Info Edge ventures
- Details: Info Edge ventures is a venture capital firm that has invested in Truemeds across multiple funding rounds, including the Seed and Series A rounds. The firm focuses on internet-based businesses and technology-driven companies.
- Investment Focus Areas: Internet, technology, consumer services
- Notable Investments: Zomato, PolicyBazaar, Naukri.com
What's Next for Truemeds?
Truemeds is poised to capitalize on the rapidly expanding generic medicine market in India, driven by government initiatives to make healthcare more affordable. The company aims to leverage this opportunity by expanding its product offerings in segments like vitamins, supplements, and homeopathic medicines.
Future fundraising opportunities appear promising as Truemeds continues to demonstrate significant revenue growth and market penetration. The company is likely to attract more investors to support its scaling operations and market expansion.
However, Truemeds may face challenges from government-backed pharmacies and fierce competition from other digital health platforms. Managing operational costs while scaling up will be crucial for sustaining growth.
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