Truemeds, a telehealth platform, has raised $22 million in a Series B fundraising round led by private equity firm Westbridge Capital. Existing investors such as InfoEdge Ventures, Asha Impact, and IAN Fund took part in the fresh investment round. The round was oversubscribed by new and existing investors alike.
The funds will be used to help the company expand its coverage across the country and accelerate expansion in the untapped home market.
Ex-Abbott executives Akshat Nayyar and Dr. Kunal Wani founded Truemeds. It has seen tremendous growth in the previous two years because of outstanding product-market fit and massive organic demand.
“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. Ninety-five 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 Nayyar, Co-founder & CEO of Truemeds
Truemeds currently has a presence in Maharashtra, India, and the company presently fulfills over 100,000 orders per month and is constantly expanding. In the next six months, the company wants to increase its fulfilment centres to improve customer experience and reach.