Team Startupcity

• Secures $2.4M pre-seed funding led by 8X Ventures with multiple global investors.
• Advances R&D in multi-agent autonomy and vision-based navigation for robotics.
• Plans expansion into North American and European high-value automation markets.

Mumbai-based e-pharmacy and telemedicine platform Truemeds has raised $85 million in its Series C funding round, led by Accel and Peak XV Partners, with the participation of WestBridge Capital and Info Edge Ventures. The two-tranche round was completed.

The firm intends to invest the capital in opening more fulfillment centers in non-metro areas, boost its engineering and product teams, and set up a new Bengaluru office, with an aim of tripling national presence. Truemeds has also implemented an ESOP buyback scheme to recognize team effort.

In product growth, the company has released its iOS app and is planning to foray into the diagnostic services business in the next two to four months, commencing pilot activities in four cities in the next two quarters. It is also investing in AI-and-ML-driven tools for product curation, patient journey optimization, and demand forecasting.

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Established in 2019 by Dr. Kunal Wani and Akshat Nayyar, Truemeds provides clinically similar, cheaper versions of branded drugs, enabling patients to save between 50–70% on their monthly medical bills. The platform serves primarily chronic care patients with diseases like diabetes, hypertension, and cardiovascular disease.

Truemeds operates in all key locations of India, backed by a pan-India logistics network, and sees approximately 600 doctors every day. It has approximately 3,000 employees, out of which the head office has 250 employees.

Truemeds has raised more than $110 million so far, according to TheKredible. WestBridge Capital, as of its last round of funding, was the leading shareholder, followed by Info Edge Ventures and Peak XV Partners.

The company doubled its revenue to  Rs 315 crore during FY24 while reducing losses by 9% to  Rs 61 crore. Truemeds competes with industry leaders like PharmEasy (revenue of  Rs 5,664 crore in FY24) and Tata 1mg (revenue of  Rs 1,964 crore in FY24).