Healthtech platform Truemeds has raised $5 Mn (INR 36.4 crore) in a Series A funding round led by InfoEdge Ventures, Asha Impact and Indian Angel Network.
Founded by Akshat Nayyar and Kunal Wani, Truemeds focuses on recommending value alternative brands to chronic patients. The Mumbai-based startup provides free delivery of the suggested brands. InfoEdge had also invested in the seed round of the startup. In May 2020, Truemeds raised $487K (INR 3.7 Cr) from the IE Venture Fund holding 17.8% in Truemeds.
“The funding will be used to further expand its footprint to three additional cities, build product and technology and invest in improving the supply chain of generic medicines,” the company said in a statement.
Monthly orders processed by Truemeds have grown 40 times since its launch in 2019, the company said in a news release. Truemeds is building a ‘subscription-like’ service for chronic patients, where it has seen as much as 60% of customers placing repeat orders and making 8-10 purchases a year. Its services currently are available in 16,000 PIN code areas.
“Truemeds was founded with a mission to make medicine affordable for chronic patients. For us, it wasn’t just about providing best value alternate brands, it was about changing the paradigm of doctor-patient relationship,” said Nayyar, who is also its chief executive.
“We continue our support for the company as they build further on the proposition to deliver significant savings on healthcare expenses of consumers,” InfoEdge partner Amit Behl said in a statement.
With the government releasing Telemedicine Practice Guidelines in March 2020, virtual consultation became the preferred channel for seeking quality healthcare just days after a strict lockdown was enforced to contain the pandemic’s spread. The guidelines also brought some much-needed clarity around telemedicine and digital healthcare, resulting in a spurt of telemedicine platforms with startups leading the way.
The telemedicine market has the maximum potential in the eHealth segment in India. It is expected to touch $5.4 Bn by 2025, growing at a compound annual growth rate (CAGR) of 31%, according to a recent Inc42 Plus report titled India’s eHealth Market Opportunity Report, 2021.
The sector got a much-required push after the outbreak of Covid-19 as remote consultation worked exceedingly well during nationwide lockdowns. It reduced all contagion risks to zero, provided quick access to medical care and cut down the time, effort and cost of travelling required for in-person consultations.