Truemeds raises $22M in Series B, led by Westbridge Capital.

Truemeds has raised $22 million in a Series B funding round. The round was led by private equity fund WestBridge Capital along with existing investors like InfoEdge Ventures, Asha Impact, and IAN Fund.

The round-faced oversubscription from new and existing investors. As per the news release, Truemeds is planning to utilize the fresh funding in the following ways

• to accelerate growth in the untapped domestic market and

• expand its coverage across the country.

Last year in June, the company raised $5 million in a Series A round from existing investors InfoEdge Ventures, Asha Impact and Indian Angel Network Fund.

Truemeds was founded by Akshat Nayyar and Dr Kunal Wani in the year 2019. Truemeds is a telehealth platform in India looking forward to reducing the burden of medical bills by recommending best value alternate brands to incurable patients through its proprietary algorithm and free doctor tele-consultation.

The company leverages its intelligent medicine recommendation engine to enable patients to find the best value medicines from the top medicine manufacturers in India and provides free doctor consultations to facilitate patients making the right decisions for themselves.

EXECUTIVE OPINION:

Akshat Nayyar, Co-founder and CEO of Truemeds, said “India is one of the very few markets where we have pseudo-categorisation of medicines in branded and generic-generic to create different price tiers between them. 95 percent of the drugs sold in India are off-patent (thus technically generics). There is absolutely no difference in the scientific composition of generics and branded drugs.”

“Indian generic to generic market is growing at 1.5 times the overall pharmaceutical market and following the US landscape where the generics prescription share moved from 40 percent in 2005 to over 85 percent in 2019. The market move towards generics is inevitable and Truemeds will lead that change,” added Akshat.

Sandeep Singhal, Managing Director, Westbridge Capital, added, “We are excited to partner with Truemeds as they create value for patients by delivering high quality drugs at affordable prices at the patients' doorstep. The founding team’s strong category understanding has resulted in the success at Truemeds.”.

Tags : Truemeds, StartupsDekho

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Truemeds raises $22M in Series B, led by Westbridge Capital.

Tags : Truemeds, StartupsDekho

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