Telehealth platform Truemeds on Tuesday said it has raised USD 22 million (around Rs 168 crore) in a funding round led by private equity fund Westbridge Capital. The latest series B funding round also saw participation from existing investors including InfoEdge Ventures, Asha Impact and IAN Fund.
The round witnessed oversubscription from new and existing investors. However, the company decided to cap the raise to USD 22 million, Truemeds said in a statement. The company plans to utilise the funds to accelerate growth in the untapped domestic market and expand its coverage across the country, it added.
“We are overwhelmed by the confidence our incoming and existing investors have shown in us. We are excited to welcome Westbridge Capital to join us as we make Truemeds a household name,” Truemeds Co-founder & CEO Akshat Nayyar noted. Indian generic market is growing at 1.5 times the overall pharmaceutical market and following the US landscape where the generics prescription share moved from 40 per cent in 2005 to over 85 per cent in 2019, he added.
“The market moves towards generics is inevitable and Truemeds will lead that change,” Nayyar said. Having served over 5 lakh customers with little marketing effort, Truemeds finds this the right time to double down and scale their marketing and operations beyond Maharashtra. The company is currently fulfilling over 1 lakh orders every month and growing rapidly, it said.
In an effort to improve the customer experience and reach, the company plans to triple its fulfilment centres across the country in the next six months, it added. “The founding team’s strong category understanding has resulted in the success at Truemeds and we are excited to help take the company to the next level,” Westbridge Capital Managing Director Sandeep Singhal stated.
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