Truemeds Closes $85 Mn Series C Funding Round

Mumbai-based healthtech startup Truemeds has closed its $85 Mn (around INR 740 Cr) Series C funding round from Accel, Peak XV Partners, WestBridge Capital and Info Edge Ventures. 

The fresh capital has been raised as part of the startup’s expansion strategy. Truemeds plans to set up additional fulfilment centres in non-metro markets, boost engineering, develop products and build a technology hub in Bengaluru to tap into the country’s software market.

The startup has raised its Series C funding in two tranches. In the first tranche, it pulled in $44 Mn led by Accel, while the second tranche of $40 Mn was led by Peak XV Partners in July, which included a secondary deal of $20 Mn where a few of its early Series A investors and angels have taken exits.

Prior to this round, the startup had raised around $91 Mn in total funding, as per Inc42’s Datalabs. 

Founded by Akshat Nayyar and Kunal Wani in 2019, Truemeds is an epharmacy which claims to sell affordable medicines via its proprietary algorithm to chronic patients in the country. It also provides healthcare devices like BP monitors and nebulisers and vaporisers. 

Buyers can find over 1.8 Lakh products available on the platform with over 70 Lakh app downloads. The startup has also launched an iOS version of the app for Apple users to further expand its reach and is planning to launch diagnostic services in the next two to four months. 

As per Tofler, Truemed’s standalone operating revenue zoomed 103% to INR 310.1 Cr in FY24 from INR 152.6 Cr in the previous fiscal year. On the back of its increasing revenue, the startup managed to reduce its loss for the period under review by 9% to INR 61 Cr from INR 67 Cr in FY23.

India’s Healthtech Ecosystem On A Revival Mode?

Until last year, healthtech rarely made it to the list of preferred sectors for Indian investors. Between 2014 and 2024, the segment raked in a mere $7 Bn in total funding.

In H1 2025, healthtech startups bagged 45 deals in total, up from 29 in the year-ago quarter, according to Inc42’s Indian Tech Startup Funding Report H1 2025.

The funding crisis in the healthtech ecosystem stemmed from a highly competitive market as larger players dominate the overall market, coupled with the sector’s capital-intensive nature and limited returns.

However, investors believe that the emergence of scalable businesses with better infrastructure will drive India’s healthtech sector’s growth. Moreover, the Centre-led initiatives, such as Ayushman Bharat, are believed to play a larger role in developing the digital infrastructure in the healthtech landscape.