The Fund raise will help Truemeds launch in new cities, further develop the technology and supply chain automation
Mumbai, June 9, 2021: Truemeds, India’s leading telehealth platform that helps chronic patients find best value alternate brands for medicines, closed its $5 million series A funding round led by InfoEdge, Asha Impact and Indian Angel Network(IAN). Existing investor, InfoEdge Fund, led the second consecutive funding round in Truemeds - showing their strong trust in the model and the team.
Since its seed round in May 2020, the company has witnessed a 40X growth in monthly orders, with over 50% orders resulting from word of mouth and organic discovery. According to the company, the current pandemic has made consumers not only more conscious of their health but also more aware of their rising healthcare costs, further accelerating the trend towards more affordable, high quality medical alternatives. With repeat usage of over 60% and 8 to 10 times annual purchase frequency, Truemeds is building a ‘subscription-like’ service for chronic patients.
The funding will be used to further expand its footprint to 3 additional cities, build product and technology and invest in improving the supply chain of generic medicines.
Commenting on the announcement Akshat Nayyar, CEO & Co-founder of Truemeds said --
Truemeds was founded with a mission to make medicine affordable for chronic patients. For us, it wasn’t just about providing best value alternate brands, it was about changing the paradigm of doctor-patient relationship. Covid 19 has shown the country how important it is to make medicines affordable and accessible. With this investment, we’ll be able to not only make the Truemeds experience even more seamless, but also bring access to affordable medicines to more people in different parts of India.
Amit Behl Partner at InfoEdge Ventures commented, “We have seen Akshat and Kunal execute extremely well throughout last year and demonstrate that their customers find the generics proposition appealing. With this new round, we continue our support for the Co as they build further on the proposition to deliver significant savings on healthcare expenses of consumers”
Aditi Gupta, Principal at Asha Impact said, “We are thrilled to back Akshat and Kunal in this category defining business. TrueMeds has seen tremendous growth in the last year which speaks to the increasing importance of reducing patient spends on medicines for majority of Indian households, and the growing trust that TrueMeds as a brand has started building with this customer base.”
“We were very excited by Akshat’s vision, passion and execution focus in building a fast growing business. Truemeds is creating a real impact for customers by enabling reduction of medicine costs and this resonated well with us. Trumeds disruptive model is now fast becoming the “normal” for customers, suppliers and pharma companies” said Rajnish Kapur, Managing Partner from IAN Fund.
About Truemeds
Truemeds is the first of its kind telehealth platform in India focused on recommending best value alternate brands to chronic patients. The Mumbai based startup provides free delivery of the suggested alternate brands to the patient’s home. On average, each Truemeds’ patient saves ~47% on their monthly medicine bills by using Truemeds’ proprietary recommendation engine and free consultation from their empaneled doctors. The startup was founded in 2019 by Akshat Nayyar and Dr Kunal Wani. With combined experience of over 20 years in the Indian pharmaceutical sector, the founders realized that despite 95% medicines in India being off-patent, most patients are unaware/unsure about the choices they have in brand selection based on their price range. Truemeds leverages its intelligent medicine recommendation engine to help patients find the highest quality alternative medicines from the top 1% medicine manufacturers in India and provides free doctor consultations to help patients make the right decisions for themselves.
About IAN
Indian Angel Network (IAN) is India’s first and world’s largest business angel network with close to 500 members across the world, comprising the who’s who of successful entrepreneurs and dynamic CEOs. With investors from 12 countries, IAN’s presence spans 7 locations, which includes cities in India and the UK. The network is sector agnostic and has funded start-ups across 17 sectors in India and 7 other countries growing global footprint companies. With an excellent track record, IAN has been giving excellent cash exits year-on-year to its investor-members, for the last 11 years. Some of its marquee investee companies include Druva, Box8, Sapience Analytics, WOW Momos, Consure, Fareye amongst many others.
IAN has also launched the IAN Fund, an INR 375 crore fund, is a uniquely differentiated seed/early stage Fund which aims to transform India’s entrepreneurial landscape. The fund invests in innovative companies in sectors including healthcare and medical devices, VR, AI, software as a service, marketplaces, fin-tech, big data, artificial intelligence, agritech, and hardware. With this, IAN has created the single largest platform for seed and early-stage investing, enabling entrepreneurs to raise from Rs. 25 lakhs to Rs. 50 crores.
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