Truemeds Secures INR 375 Cr in Series C Funding, Plans Market Expansion

The funding was led by Accel India, with participation from WestBridge and Info Edge.

Telehealth platform Truemeds has raised INR 375.2 Cr ($44 million) in a Series C funding round, according to regulatory filings accessed from the Registrar of Companies (RoC). The funding was led by Accel India, with participation from WestBridge and Info Edge.

The latest capital infusion aims to expand the company’s market presence, strengthen operations, and enhance its role in India's growing generic medicine sector.

Regulatory filings indicate that Truemeds’ board approved a special resolution to issue 1 equity share and 49,300 Series C preference shares at INR 76,110 per share.

As part of the investment breakdown, Accel India contributed INR 285.4 Cr, WestBridge (via Konark and MMPL Trust) invested ₹68.49 crore, and Info Edge participated with INR 21.31 Cr.

Following the funding round, Accel India will hold a 10% stake in Truemeds, while WestBridge and Info Edge will own 28.64% and 23.02%, respectively. The company’s co-founders, Akshat Nayyar, and Kunal Wani, will retain a combined 22.43% stake. According to estimates by Entrackr, the company’s post-money valuation stands at approximately $340 million.

Focus on Generic Medicine Market Amid Growing Competition

Founded by Nayyar and Wani, Truemeds enables consumers to access cost-effective alternatives to branded medications by providing generic substitutes based on uploaded prescriptions.

The company has reported significant revenue growth, with a two-fold increase to INR 315 crore in the fiscal year ending March 2024.

At the same time, cost management efforts and operational scaling have contributed to a 9% reduction in losses, bringing them down to INR 61 Cr.

India’s generic medicine market is expanding rapidly, driven by government-backed initiatives to enhance access to affordable healthcare.

While these initiatives present an opportunity for greater adoption of generic drugs, they also pose challenges for private players like Truemeds. If government-backed pharmacy networks increase the availability of low-cost essential medicines, private telehealth platforms may face increased competition.

Despite these challenges, Truemeds is expanding its product range, focusing on categories such as vitamins, supplements, and homeopathic medicines. The company also competes with government-supported pharmacy networks and private digital health platforms that are adapting to evolving consumer preferences.