Tele-health platform Truemeds has secured $5 million in a Series A funding round. This round has been led by InfoEdge Ventures, Asha Impact, and Indian Angel Network. The seed of the startup was also backed by InfoEdge.
The company will use the funds to further expand its footprint to three additional cities, build products and technology, and invest in improving the supply chain of generic medicines.
Founded by Akshat Nayyar and Kunal Wani, Truemeds focuses on recommending value alternative brands to chronic patients. The Mumbai-based startup offers free delivery of the suggested brands. Monthly orders processed by Truemeds have grown 40 times since its launch in 2019.
Presently, Truemeds services are available in 16,000 pin code areas.
Tele-health platform is building a 'subscription-like service for chronic patients, where it has seen as much as 60% of customers placing repeat orders and making 8-10 purchases a year.
Akshat Nayyar, Chief Executive Officer, 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 the doctor-patient relationship.”
Amit Behl, Partner at InfoEdge, added, “We continue our support for the company as they build further on the proposition to deliver significant savings on healthcare expenses of consumers.”