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Truemeds funding

truemeds funding

Truemeds, a Mumbai-based healthtech startup, raised $5 million in a Series A funding round from existing investor InfoEdge Ventures, Asha Impact, and Indian Angel Network Fund. The investor had also invested $487k in the seed round of startup in May 2020.

InfoEdge Ventures is the investment arm of Info Edge, a listed firm that owns job portals Naukri and iimjobs, matrimony site Jeevansaathi, and education portal Shiksha.

“The funding will be used to further expand its footprint to three additional cities, build product and technology and invest in improving the supply chain of generic medicines,” the release said.

Truemeds is founded in 2019 by Akshat Nayyar and Dr. Kunal Wani. The company has started a web-based platform and app where the patient needs to upload their prescription, get a free consultation with the doctor and the medicine is delivered to their doorstep. The Mumbai-based startup provides free delivery of the suggested brands, making medicine affordable to people suffering from chronic illnesses.

The platform has grown 40 times in monthly orders processed since its launch in May 2020. It works on a subscription-like model serving chronic patients who make 8-10 purchases a year. The startup currently serves 16,000 pin code areas.

“Truemeds was founded with a mission to make medicine affordable for chronic patients. For us, it wasn’t just about providing best value alternate brands, it was about changing the paradigm of the doctor-patient relationship,” said Nayyar, who is also its chief executive.

“We continue our support for the company as they build further on the proposition to deliver significant savings on healthcare expenses of consumers,” InfoEdge partner Amit Behl said in a statement.

With the COVID-19 pandemic spread across the country, people became more conscious about their health. Virtual consultation became the preferred channel for seeking quality healthcare. The government released Telemedicine Practice Guidelines in March 2020 which brought clarity to the digital healthcare system. The sector saw a huge spurt as virtual consultation emerged as the feasible option for people to save time, money, and zero risks of contagious disease.

According to India’s eHealth Market Opportunity Report, 2021 “The telemedicine market in India is expected to grow to $5.5 billion by 2025, growing at a compound annual growth rate (CAGR) of 31%.

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