- Investors InfoEdge Ventures, Asha Impact, and Indian Angel Network participated in the funding round.
- Truemeds will use the funding to expand its presence to three new cities in the country.
- The startup will also invest in building technology and improving the supply chain of generic medicines.
Mumbai-based telemedicine startup Truemeds has raised $5 million (Rs 36 crore) in a Series A funding round led by InfoEdge Capital, Asha Impact, and angel investment firm Indian Angel Network Fund (IAN Fund).
In May 2020, InfoEdge Ventures, widely known as the backer of Zomato and PolicyBazaar, had invested Rs 3.7 crore in Truemeds through its IE Ventures Fund. The funding was used to grow business operations in the country.
According to the startup, The raised capital will be used to expand the business operations in three new cities, investing in product and technology and strengthening the supply chain system for their generic medicines.
Over the past few months, Truemeds witnessed a strong organic pull from different geographies that they were not able to serve well, expanding presence would help the startup to serve customers from different geographical areas, the founder told Entrepreneur. Currently, It is serving 16,000 pin code areas.
"We intend to expand to these additional locations to ensure consumers get the same level of service that our current target market is receiving,” Akshat Nayyar told the publication.
Founded in January 2019 by Akshat Nayyar and Dr. Kunal Wani, Truemeds has developed an online platform that helps chronic illness suffering patients find medicines of alternative brands. The platform claims that it suggests medicines from the top 1% brands operating in the country.
The COVID pandemic has given a strong boost to virtual care throughout the country, many patients started using online platforms to order medicines online. Truemeds claims over the past 12 months it has witnessed a 40x growth in terms of monthly orders and expecting to reach higher.
According to the Statista October 2020 report, The telemedicine market is growing at a CAGR of 31% and is expected to touch $5.4 billion by the year 2025.
Speaking on the investment, Amit Behl, Partner, InfoEdge Ventures said, "We have seen Akshat and Kunal execute extremely well throughout last year and demonstrate that their customers find the generic proposition appealing. With this new round, we continue our support for the company as they build further on the proposition to deliver significant savings on healthcare expenses of consumers."
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