Healthcare Startup Truemeds raises $5 million from InfoEdge Ventures & Others
Truemeds, a healthtech startup headquartered in Mumbai, has raised $5 million in Series A funding from existing investors InfoEdge Ventures, Asha Impact, and Indian Angel Network Fund.
The funds will be used to develop fulfillment centers in three new cities — in addition to Mumbai — as well as to build technology and automate their supply chains.
The Startup Claims that it is India's first e-pharmacy for senior citizens that guarantees to reduce patient’s medicine cost up to 80%.
Truemeds employs a proprietary algorithm to assist patients in making more informed decisions about their healthcare needs.
InfoEdge Ventures is the investment arm of Info Edge, a publicly-traded company that owns the job portals Naukri and iimjobs, as well as the matrimony site Jeevansaathi and the education portal Shiksha. Truemeds' seed funding of Rs 5.75 crore was also led by the investor.
The startup, founded in 2019 by Akshat Nayyar, an Indian School of Business management graduate, and Dr. Kunal Wani, has created a web-based platform and app that allows people suffering from chronic illnesses such as diabetes and hypertension to find medicines of alternative brands.
A patient must upload their prescription, participate in a free consultation call with the platform's doctor, and the medication will be delivered to their door.
“We are targeting people above the age of 45 who start developing chronic illnesses and then have to regularly take medications. The medications usually prescribed have alternatives, which could be cheaper and do the same job. This brings the monthly spend on medicines,” says, Akshat Nayar, Co-founder of Truemeds.
People began paying close attention to their medications and health as the COVID-19 pandemic spread across the country. Many “immunity-boosting” products became popular, as did the ability to order medications online. In 2020, healthtech startups raised at least $316 million in 91 deals.
“We have seen Akshat and Kunal execute extremely well throughout last year and demonstrate that their customers find the generic proposition appealing. With this new round, we continue our support for the company as they build further on the proposition to deliver significant savings on healthcare expenses of consumers,” Amit Behl, Partner, InfoEdge Ventures said in the release.
The platform claims to only recommend alternative medicines from the top 1% of pharmaceutical brands in India, and it has grown at least 40 times in monthly orders since its seed round in May 2020.
The funds will be used to develop fulfillment centers in three new cities — in addition to Mumbai — as well as to build technology and automate their supply chains.
The Startup Claims that it is India's first e-pharmacy for senior citizens that guarantees to reduce patient’s medicine cost up to 80%.
Truemeds employs a proprietary algorithm to assist patients in making more informed decisions about their healthcare needs.
InfoEdge Ventures is the investment arm of Info Edge, a publicly-traded company that owns the job portals Naukri and iimjobs, as well as the matrimony site Jeevansaathi and the education portal Shiksha. Truemeds' seed funding of Rs 5.75 crore was also led by the investor.
The startup, founded in 2019 by Akshat Nayyar, an Indian School of Business management graduate, and Dr. Kunal Wani, has created a web-based platform and app that allows people suffering from chronic illnesses such as diabetes and hypertension to find medicines of alternative brands.
A patient must upload their prescription, participate in a free consultation call with the platform's doctor, and the medication will be delivered to their door.
“We are targeting people above the age of 45 who start developing chronic illnesses and then have to regularly take medications. The medications usually prescribed have alternatives, which could be cheaper and do the same job. This brings the monthly spend on medicines,” says, Akshat Nayar, Co-founder of Truemeds.
People began paying close attention to their medications and health as the COVID-19 pandemic spread across the country. Many “immunity-boosting” products became popular, as did the ability to order medications online. In 2020, healthtech startups raised at least $316 million in 91 deals.
“We have seen Akshat and Kunal execute extremely well throughout last year and demonstrate that their customers find the generic proposition appealing. With this new round, we continue our support for the company as they build further on the proposition to deliver significant savings on healthcare expenses of consumers,” Amit Behl, Partner, InfoEdge Ventures said in the release.
The platform claims to only recommend alternative medicines from the top 1% of pharmaceutical brands in India, and it has grown at least 40 times in monthly orders since its seed round in May 2020.
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