Truemeds To Raise $44 Mn From Accel India, Others

SUMMARY

Mumbai-based healthtech startup Truemeds is raising INR 375.2 Cr ($44 Mn) in a Series C round led by Accel India, investing INR 285.41 Cr for a 10% stake

WestBridge AIF I will contribute INR 66.68 Cr to strengthen its position as the largest stakeholder at 28.15%

Founded by Akshat Nayyar and Kunal Wani, Truemeds helps users find affordable alternative medicines

Mumbai-based healthtech startup Truemeds is looking to raise INR 375.2 Cr (about $44 Mn) in a fresh funding round to be led by Accel India VII (Mauritius) Ltd.

The company’s board passed a resolution on February 17 to allot up to 49,300 Series C compulsory convertible preference shares (Series C CCPS) at an issue price of INR 76,110.34 each and one equity share at the same issue price to raise the sum, its regulatory filings accessed by Inc42 showed.

Accel India VII (Mauritius) Ltd will lead the round with INR 285.41 Cr investment, raising its stake to 10%. Meanwhile, WestBridge alternative investment fund I will infuse INR 66.68 Cr and its shareholding will increase to 28.15% post the transaction.

The remaining capital will come from Konark Trust, MMPL Trust and IE Venture Fund Follow-on I (IEVF), as per the company’s filings with the Registrar of Companies (RoC).

Entrackr reported the development first.

Truemeds said it plans to use the fresh funds to expand its business operations and drive growth initiatives.

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.

The company previously raised $5 Mn in Series A funding in June 2021 led by InfoEdge Ventures, Asha Impact and Indian Angel Network, followed by a $22 Mn Series B round in April 2022 led by WestBridge Capital with participation from InfoEdge Ventures and others.

(The story will be updated shortly.)