Telehealth Platform 'Truemeds' earns Rs. 375.2 Crore in Series C
With the help of WestBridge and Info Edge, the telehealth platform Truemeds is financing Rs. 375.2 crore, or around $44 million, in its Series C round, which is being led by Accel India.
According to its regulatory filing obtained from the Registrar of Companies (RoC), the board of Telehealth platform Truemeds has passed a special resolution to issue 1 equity and 49,300 Series C preference shares at an issue price of Rs. 76,110 each in order to raise the aforementioned amount.
WestBridge would contribute Rs. 68.49 crore through its investment vehicles Konark and MMPL Trust, while Accel India will spend Rs. 285.4 crore. Info Edge will contribute Rs. 21.31 crore to the round as well.
According to documents, the company will use these proceeds to further the business and enable the anticipated expansion.
With the additional capital, WestBridge and Info Edge would own 28.64% and 23.02% of the company, respectively, while Accel India will own about 10%. A combined 22.43% of the business will be retained by co-founders Akshat Nayyar and Kunal Wani in their individual capacities.
Truemeds, which was founded by Nayyar and Wani, allows users to search for medications of different brands by uploading their prescriptions.
During the fiscal year that ended in March 2024, Truemeds' revenue impressively doubled to Rs. 315 crore. During the same time period, losses decreased by 9% to Rs. 61 crore thanks to effective cost control and scaling initiatives.
Thanks to government-backed initiatives to supply more affordable medications at the state and federal levels, generic pharmaceutical awareness has been rapidly increasing in India. Although that has opened up a market for consumers who want alternatives to the ones that are recommended, it also presents Truemeds with its greatest obstacle. Growth in many of the large volume categories will be hampered by truly effective government initiatives. But because government initiatives are concentrated on specific, high-usage compounds, there is still room for companies like Truemeds to profit from the increased awareness of available choices. At least it appears to be the premise of the most recent funding. For customers looking for less expensive solutions, the company has a large assortment of vitamins, supplements, and even homeopathic medications available. However, there is still fierce competition from both government-supported pharmacies and private pharmacies that have likewise adapted to the new realities of a shifting market.
According to its regulatory filing obtained from the Registrar of Companies (RoC), the board of Telehealth platform Truemeds has passed a special resolution to issue 1 equity and 49,300 Series C preference shares at an issue price of Rs. 76,110 each in order to raise the aforementioned amount.
WestBridge would contribute Rs. 68.49 crore through its investment vehicles Konark and MMPL Trust, while Accel India will spend Rs. 285.4 crore. Info Edge will contribute Rs. 21.31 crore to the round as well.
According to documents, the company will use these proceeds to further the business and enable the anticipated expansion.
With the additional capital, WestBridge and Info Edge would own 28.64% and 23.02% of the company, respectively, while Accel India will own about 10%. A combined 22.43% of the business will be retained by co-founders Akshat Nayyar and Kunal Wani in their individual capacities.
Truemeds, which was founded by Nayyar and Wani, allows users to search for medications of different brands by uploading their prescriptions.
During the fiscal year that ended in March 2024, Truemeds' revenue impressively doubled to Rs. 315 crore. During the same time period, losses decreased by 9% to Rs. 61 crore thanks to effective cost control and scaling initiatives.
Thanks to government-backed initiatives to supply more affordable medications at the state and federal levels, generic pharmaceutical awareness has been rapidly increasing in India. Although that has opened up a market for consumers who want alternatives to the ones that are recommended, it also presents Truemeds with its greatest obstacle. Growth in many of the large volume categories will be hampered by truly effective government initiatives. But because government initiatives are concentrated on specific, high-usage compounds, there is still room for companies like Truemeds to profit from the increased awareness of available choices. At least it appears to be the premise of the most recent funding. For customers looking for less expensive solutions, the company has a large assortment of vitamins, supplements, and even homeopathic medications available. However, there is still fierce competition from both government-supported pharmacies and private pharmacies that have likewise adapted to the new realities of a shifting market.
