Truemeds, an online pharmacy that specializes in generic medicines, has raised $85 million in a new funding round led by Accel and Peak XV Partners.
Of the total funding, $65 million came as primary capital, while $20 million came from secondary transactions that allowed early investors to exit, said cofounder Akshat Nayyar.
Existing investors WestBridge Capital and Info Edge Ventures also took part in the round.
The company will use the funds to expand its presence across the country by tripling its network, adding more fulfillment centres, increasing its team, and setting up a technology hub in Bengaluru.
In April 2022, Truemeds raised $22 million in a round led by WestBridge Capital, with support from existing investors. In 2021, it received $5 million from Info Edge Ventures, Asha Impact, and Indian Angel Network.
So far, the company has raised a total of $135 million and is valued at over $400 million.
“We have cracked the business model, and the product market fit is in place, too. Even at an order-level economics, we can deliver a very positive result. So, now we are focusing on expanding our footprint in the country,” Nayyar said.
“There is a need for urgent care when it comes to health, which is what quick commerce will be able to solve. However, we are focusing more on the planned care part,” said Nayyar. “Our target market is where there is a planned need for medicines, which is more value-driven than speed-driven.”
“India’s healthcare market is undergoing rapid transformation, yet affordability continues to be a major barrier, especially in chronic care,” Abhinav Chaturvedi, Partner at Accel, said in a prepared statement. “Truemeds is bridging this gap with a clinically guided, technology-led platform that delivers transparency and accessibility at scale.”
“By leveraging technology to deliver a seamless customer experience, they are redefining how essential medicines reach those who need them the most,” Sakshi Chopra, managing director of Peak XV, said in a statement.
Founded by Naitik Nayyar and Akshat Wani, Mumbai-based Truemeds runs 19 fulfillment centres and plans to grow that number to 50 within a year. Monthly orders have doubled over the past year, reaching nearly 600,000.
The company ended FY25 with INR 510 crore in net revenue.
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