Truemeds Raises $85M to Expand Affordable E-Pharmacy in India

Truemeds, a Mumbai-based e-pharmacy and telehealth startup focused on chronic care, has raised $85 million in a Series C funding round led by Accel and Peak XV Partners, with continued support from WestBridge Capital and Info Edge Ventures. The company plans to use the capital to expand its fulfillment centers from 19 to 50, particularly targeting non-metro markets across India, set up a technology hub in Bengaluru, and enhance its engineering and product teams. Founded in 2019 by Akshat Nayyar and Dr. Kunal Wani, Truemeds leverages a proprietary algorithm to recommend clinically equivalent, affordable medicine substitutes, helping patients save 50-70% on chronic care medications. The startup serves around 500,000 customers monthly across over 20,000 pin codes and engages approximately 600 doctors daily, with over 3,000 employees. Truemeds has also launched an iOS app and plans to introduce diagnostic services within the next two to four months, piloting in four cities. Its valuation has surpassed $400 million, with revenue growing significantly to about $57 million in FY2024, reflecting strong market traction and a mission to improve healthcare affordability in underserved Indian regions.