Accel and Peak XV headline Truemeds' $85 million Series C funding round
Truemeds, an online pharmacy and telehealth platform for chronic care, has secured $85 million in its Series C financing round. The funding, which was completed in two closes, was led by Accel and Peak XV Partners. Existing investors, including WestBridge Capital and Info Edge Ventures, also participated in the funding mop-up.
With this new capital, Truemeds plans to aggressively expand its physical infrastructure, open additional fulfillment centers in high-demand non-metro markets, and set up a technology hub in Bengaluru. The tech center will fuel innovation in product development, digital services, and AI/ML-driven customer interactions, demand forecasting, and patient engagement.
Founded in 2019, Truemeds focuses on chronic care, offering cost-effective generic medicines that reduce patient costs by 50–70% compared to branded alternatives. The platform currently serves millions of customers monthly across India and engages with hundreds of doctors daily through a nationwide logistics network staffed by around 3,000 employees.
A key element of the expansion is the technology hub in Bengaluru, which will leverage India’s talent pool and support the company’s goal to maintain a competitive advantage in telehealth. Abhinav Chaturvedi, partner at Accel, stated that Truemeds is bridging the gap in affordability in India's healthcare market for chronic care.
In addition to medicine delivery, Truemeds is launching diagnostic services through partnerships with national pathology labs. Pilot diagnostic testing is expected in four cities within the next 2-4 months, initially focusing on common tests at affordable prices. This move will expand the company’s healthcare services beyond e-pharmacy.
Truemeds' platform is clinically guided and technology-led, providing transparency and accessibility at scale. The company provides medicines for long-term health conditions such as diabetes, hypertension, and cardiovascular disease. Akshat Nayyar, co-founder and chief executive officer of Truemeds, stated that the company's vision is to bring the lowest prices for medicines in India and ensure quality.
Overall, Truemeds is aiming to improve its national presence, enhance technology capabilities, and diversify into diagnostic services to deepen its reach and improve healthcare affordability in India. With its focus on chronic care, cost-effective generic medicines, and innovative technology, Truemeds is poised to make a significant impact on India's healthcare landscape.
- The technology hub in Bengaluru, a part of Truemeds' expansion, will not only boost product development and digital services but also contribute to AI/ML-driven customer interactions, demand forecasting, and patient engagement, making strides in the field of technology.
- With its entry into diagnostic services through partnerships with national pathology labs, Truemeds aims to extend its health-and-wellness offerings beyond e-pharmacy, marking a foray into the science sector to strengthen its position in the healthcare market.
