Companies

Truemeds raises $5 million in Series A funding

Our Bureau Mumbai | Updated on June 09, 2021

To use funds to expand footprint, build product and tech and invest in improving supply chain

Truemeds, a Mumbai-based tele-health platform, raised $5 million in Series A funding led by InfoEdge, Asha Impact and Indian Angel Network (IAN).

The company will use the funds to expand its footprint to three additional cities, build product and technology and invest in improving the supply chain of generic medicines.

Akshat Nayyar, CEO and Co-founder of Truemeds, said: “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”.

Since its seed round in May 2020, the company witnessed 40 times growth in monthly orders, with over 50 per cent orders resulting from word of mouth and organic discovery.

Aditi Gupta, Principal at Asha Impact, said: “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”.

Published on June 09, 2021

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