The company plans to utilise the funds to accelerate growth in the untapped domestic market and expand its coverage across the country
Truemeds, a telehealth platform, closed its series B funding round led by private equity fund Westbridge Capital. The new funding round also saw participation from existing investors including InfoEdge Ventures, Asha Impact and IAN Fund. The round witnessed oversubscription from new and existing investors however the company decided to cap the raise to $22 million.
The company plans to utilise the funds to accelerate growth in the untapped domestic market and expand its coverage across the country.
Commenting on the announcement Akshat Nayyar, Co-founder & CEO of Truemeds said “We are overwhelmed by the confidence our incoming and existing investors have shown in us. We are excited to welcome Westbridge Capital to join us as we make Truemeds a household name. India is one of the very few markets where we have pseudo-categorisation of medicines in branded and generic-generic to create different price tiers between them. 95 per cent of the drugs sold in India are off-patent (thus technically generics). There is absolutely no difference in the scientific composition of generics and branded drugs. Indian generic-generic market is growing at 1.5 times the overall pharmaceutical market and following the US landscape where the generics prescription share moved from 40 per cent in 2005 to over 85 per cent in 2019. The market move towards generics is inevitable and Truemeds will lead that change.”
The company is currently fulfilling 1 lakh + orders every month and plans to triple its centres across the country in the next 6 months.