Truemeds Bags $85 Mn from Accel, Peak XV to Accelerate India Expansion

It aims to use the funds to triple its national footprint by adding fulfillment centers, expanding its team, and establishing a technology hub in Bengaluru.

Telehealth platform Truemeds has secured $85 million in a funding round led by Accel and Peak XV Partners.

Of the total, $65 million was primary capital while $20 million was secondary transactions through which early backers exited. Existing investors WestBridge Capital and Info Edge Ventures also participated.

The Mumbai-based company will use the funds to triple its national footprint by adding fulfillment centers, expanding its team, and establishing a technology hub in Bengaluru.

“We have cracked the business model and the product market fit is in place too. Even at an order-level economics, we are able to deliver a very positive result. So, now we are focusing on expanding our footprint in the country,” Nayyar said.

Founded in 2019 by Nayyar and Kunal Wani, Truemeds recommends value alternative brands to patients. It currently operates 19 fulfillment centers and plans to increase the number to 50 within the next 12 months.

Monthly orders have grown by more than 100% year-on-year, reaching nearly 600,000. The company closed FY25 with about INR 510 crore in net revenue.

Reportedly, the platform has raised $135 million to date and is valued at over $400 million. Its April 2022 funding round brought in $22 million led by WestBridge Capital, following a $5 million raise in 2021 from Info Edge Ventures, Asha Impact, and Indian Angel Network.

“India’s healthcare market is undergoing rapid transformation, yet affordability continues to be a major barrier, especially in chronic care,” said Abhinav Chaturvedi, Partner at Accel.

“Truemeds is bridging this gap with a clinically guided, technology-led platform that delivers transparency and accessibility at scale.”

Peak XV Partners managing director Sakshi Chopra said the company is “redefining how essential medicines reach those who need them the most” by leveraging technology to deliver a seamless customer experience.

In the e-pharmacy space, Truemeds competes with Tata 1mg, PharmEasy, Netmeds, and Apollo.

While rivals have launched rapid delivery services, Truemeds focuses on planned medicine purchases for chronic patients. “Our target market is that where there is a planned need for medicines, which is more value-driven than speed-driven,” Nayyar said.

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