Truemeds, a Mumbai-based telehealth platform, raised $5 million in Series A funding led by InfoEdge, Asha Impact, and Indian Angel Network (IAN). The firm will use the funds to develop fulfillment centers in three new cities — apart from Mumbai, build technology, and automate their supply chains, according to a press note shared by the firm.
InfoEdge Ventures is the investment arm of Info Edge, a listed firm that owns job portals Naukri and iimjobs, matrimony site Jeevansaathi, and education portal Shiksha. The investor also led Truemeds seed of Rs 5.75 crore.
The two-year-old startup leverages its medicine recommendation engine to help patients find alternative medicines from the top 1% of medicine manufacturers in India and provides free doctor consultations to help patients make the right decisions for themselves. A patient needs to upload their prescription, get on a free consultation call with the platform’s doctor and the medicine is delivered to their doorstep.
Monthly orders processed by Truemeds have grown 40 times since its launch in 2019. It 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.
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“We are targeting people above the age of 45 who start developing chronic illnesses and then have to regularly take medications. The medications usually prescribed have alternatives, which could be cheaper and do the same job. This brings your monthly spend low,” Akshat Nayyar, Co-founder of Truemeds, said in a conversation with YourStory.
In May last year, the company had raised $487,000 as a part of its seed funding round led by InfoEdge Ventures.
“We have seen Akshat and Kunal execute extremely well throughout last year and demonstrate that their customers find the generic proposition appealing. With this new round, we continue our support for the company as they build further on the proposition to deliver significant savings on healthcare expenses of consumers,” Amit Behl, Partner, InfoEdge Ventures said in the release.
