Healthtech Startup Truemeds Bags $20 Mn From Peak XV

Mumbai-based healthtech startup Truemeds has secured INR 174 Cr (around $20 Mn) as a part of its Series C funding round from Peak XV Partners.

As per Truemeds’ MCA filings assessed by Inc42, the startup has raised the amount by allotting 19,737 Series C2 compulsory convertible preference shares (CCPS) of a face value of INR 100 each and premium of INR 88,231. 

Truemeds said it would use the capital primarily towards advancing the business and facilitating the planned growth of the company. The company’s post money valuation stands north of $400 Mn. 

This is in addition to Truemeds’ INR 375.2 Cr (about $44 Mn) funding round led by Accel India VII (Mauritius) Ltd in March. The company’s board passed a resolution to allot up to 49,300 Series C CCPS in February to raise $44 Mn funding. 

The round also saw participation from WestBridge, Konark Trust, MMPL Trust and IE Venture Fund Follow-on I (IEVF). 

With the current funding round, Truemeds has raised a total of $64 Mn in its Series C round.

Entrackr reported the development first. 

Founded by Akshat Nayyar and Kunal Wani, Truemeds enables consumers to find alternative brands of medicines by uploading their prescriptions. The platform helps users discover more affordable options than prescribed medications, with a focus on generic alternatives.

Apart from medicines, the Mumbai-based startup also lists personal care products, vitamins and supplements and healthcare devices and tools. 

Truemeds raised its Series B funding round in April 2022. It secured $22 Mn in Series B led by Westbridge Capital and participated by other existing investors. 

A year before that, it raised $5 Mn in Series A funding from InfoEdge Ventures, Asha Impact and Indian Angel Network.

The investment by Peak XV came at a time when it is reportedly planning to raise its first independent fund since splitting with US-based Sequoia Capital two years ago.

Peak XV aims to raise $1.2 – 1.4 Bn for the new investment vehicle to back early stage startups across India and Southeast Asia, an ET report said in April. 

How Did Healthtech Perform In H1 2025?

The country’s healthcare is going through a slow revival in terms of funding and investments. In the first half of 2025, 29 funding deals were finalised in the healthtech sector, as per Inc42 Indian Tech Startup Funding Report H1 2025. 

In terms of funding amount, the sector grabbed a spot in top five most funded sectors in India’s startups ecosystem. At fourth position, healthtech bagged $377 Mn in total funding in H1 2025 after fintech, ecommerce and enterprise tech respectively. 

Healthtech unicorn Innovaccer contributed a major chunk to the total healthcare funding as it netted $275 Mn in its Series F funding round from B Capital Group, Banner Health and Danaher Ventures LLC among others. 

In March, another healthcare startup Dozee raised INR 71.5 Cr in a mix of equity and debt, sources told Inc42.

Earlier this year, healthtech startup Avammune Therapeutics raised $12 Mn as part of its Series A funding round co-led by Capital 2B, Shastra VC and Kotak Alternate Asset Managers’ Life Sciences Fund I.

Most recently, amid rumours of cancer care startup Onco’s shutdown, sources privy to the matter told Inc42 that the startup was acquired by hospital chain Apollo Hospitals.