Mumbai-based telehealth and e-pharmacy startup Truemeds has just raises $85 million Series C funding round, led by heavyweight investors Accel and Peak XV Partners. Notably, longtime supporters WestBridge Capital and Info Edge Ventures didn’t just sit this one out—they doubled down. The bulk of this fresh capital $65 million, is earmarked for scaling up and pushing into new markets, while $20 million facilitated early investors cashing out, which is a clear signal of confidence in the company’s trajectory.
Since its inception in 2019 by Akshat Nayyar and Dr. Kunal Wani, Truemeds has carved a niche offering affordable chronic care medicines. They’re not just slapping generic labels on pills; these are rigorously vetted, clinically equivalent alternatives designed to punch a hole in the sky-high branded drug prices. Processing nearly 600,000 orders monthly and consulting with about 600 doctors every day, the platform isn’t just playing small. With this infusion of funds, Truemeds is ambitiously eyeing to triple its reach by expanding fulfillment hubs from 19 to 50 within the next year, setting up a new tech center in Bengaluru, and branching into diagnostic services across selected cities.
Accel’s Abhinav Chaturvedi put it succinctly: Truemeds is tackling one of India’s most stubborn healthcare problems—making chronic illness treatment affordable. Meanwhile, Sakshi Chopra from Peak XV lauds the startup’s savvy use of technology to democratize access to quality medication in non-metro areas, which have historically been neglected.
This milestone isn’t just another fundraising headline. It marks Truemeds as a formidable contender in India’s bustling e-pharmacy space, sharing the ring with giants like Tata 1mg, PharmEasy, Netmeds, and Apollo Pharmacy. As India’s healthcare ecosystem shifts at breakneck speed, Truemeds is boldly rewriting the playbook, ensuring that essential medicines become affordable and accessible to millions more.
1. Introduction to Truemeds and Its Business Model
1.1 Company Overview
Truemeds raises $85 million which ,stands out as a Mumbai-based healthtech pioneer, laser-focused on telehealth and e-pharmacy solutions tailored for chronic care patients. Founded by Akshat Nayyar and Dr. Kunal Wani in 2019, the startup dares to tackle the affordability chasm head-on, providing high-quality, clinically vetted generics at prices slashed by 50-70% compared to branded drugs. Their core demographic? Patients battling diabetes, hypertension, cardiovascular diseases, especially those living in India’s often-overlooked non-metro areas.
1.2 How Truemeds Operates
Unlike your typical fast-delivery e-pharmacies scrambling to fulfill urgent prescriptions, Truemeds plays the long game with a planned-care model. Their proprietary algorithm doesn’t just spit out random drug alternatives—it carefully tailors clinically equivalent generics to each patient’s chronic treatment plan. This creates a steady rhythm of supply and demand, avoiding chaos and stockouts.
At present, Truemeds operates 19 fulfillment centers nationwide, managing close to 600,000 monthly medicine deliveries. Their daily collaboration with roughly 600 doctors guarantees that every medicine suggested meets stringent clinical safety standards.
2. Revenue Model and Funding Journey
2.1 Revenue Generation
Truemeds raises $85 million and generates revenue through its e-pharmacy sales, focusing on long-term customers with chronic conditions. The planned-care model enables steady demand, higher retention, and improved unit economics. For fiscal year 2025, the startup reported net revenues of roughly Rs 510 crore, with over 100% year-on-year growth.
To optimize operations, Truemeds leverages AI and machine learning for demand forecasting, supply chain efficiency, and product curation.
2.2 Funding History and Series C Details
The recent Series C funding round raised $85 million, comprising $65 million in fresh capital and $20 million in secondary sales allowing early investors to exit. This round was led by Accel and Peak XV Partners, with continued backing from WestBridge Capital and Info Edge Ventures.
Previously, Truemeds raised $22 million in April 2022 and $5 million in 2021 from various investors. To date, the company has secured approximately $135 million in funding and is valued at over $400 million.
3. Founders’ Vision and Service Offerings
3.1 Founders’ Background and Mission
Co-founders Akshat Nayyar and Dr. Kunal Wani envisioned Truemeds as a solution to India’s chronic care affordability crisis. Their goal is simple yet impactful: provide trustworthy, affordable medicines to millions of patients, especially in non-metro and rural areas where access is limited.
Akshat Nayyar, CEO of Truemeds, stresses the balance between affordability and quality, emphasizing the company’s commitment to patient safety and transparency.
3.2 Products and Services
Truemeds core product is a wide selection of generic medicines that serve as clinically equivalent substitutes for pricier branded drugs. This enables patients to save significantly—up to 70% on monthly medicine expenses.
The company recently launched an iOS app to enhance customer experience. It also plans to roll out affordable diagnostic services in four cities over the next two quarters, further broadening its healthcare offerings.
4. Problems Truemeds Addresses
4.1 Tackling Affordability in Indian Healthcare
Chronic illnesses affect nearly 21% of India’s 158 million elderly population. High medicine costs and lack of affordable options, especially outside metros, remain major barriers to effective healthcare.
Truemeds’ tech-powered platform cuts through the usual clutter by laying bare transparent pricing and pushing clinically vetted medicines that don’t gouge patients. It’s a rare direct hit against the crippling costs often shouldered by those who need medicine most.
4.2 Enhancing Quality and Transparency
The Indian pharma scene is notorious for murky pricing and patchy access to decent generics. Truemeds tackles this head-on by roping in doctors for medicine validation—an uncommon move—and harnesses AI not just as a buzzword but as a real tool to suggest trustworthy, wallet-friendly alternatives. The result? Patients aren’t forced to choose between affordability and safety. It’s a breath of fresh air in a market riddled with uncertainty.
5. Industry Growth Trends and Market Potential
5.1 E-pharmacy Market Expansion in India
Look around smartphones are everywhere, internet reach is spreading like wildfire, and slowly but surely, people are warming up to the idea of buying healthcare online. This surge is turning the e-pharmacy market into a goldmine for investors. Platforms like Truemeds aren’t just sitting pretty; they’re doubling down on expanding service offerings and building logistics muscles to meet this swelling demand.
5.2 Growing Demand for Chronic Care Solutions
The ticking time bomb of chronic illnesses and a greying population has created a surge in the need for steady, affordable chronic care. Truemeds, focusing sharply on this segment, isn’t just playing catch-up; it’s strategically positioned to ride this wave and make real impact.
5.3 Technology Driving Healthcare Innovation
AI, machine learning, telehealth—these aren’t just trendy terms tossed around in boardrooms anymore. They’re reshaping how healthcare gets delivered. Truemeds’ commitment to AI-powered demand forecasting and carefully curated product lists isn’t just clever; it’s the kind of forward-thinking approach that will help it scale quickly and smartly.
6. Competitive Landscape
6.1 Direct Competitors
Truemeds competes with established e-pharmacies like:
- PharmEasy: India’s largest online pharmacy with diverse offerings.
- Tata 1mg: Known for medicine delivery and diagnostics.
- Netmeds: Early entrant with extensive logistics.
- Apollo Pharmacy: Traditional chain expanding digital presence.
While competitors focus on both quick delivery and broad healthcare services, Truemeds differentiates itself through its planned-care, chronic disease focus and deep non-metro reach.
6.2 Indirect Competitors
Rapid delivery platforms such as Swiggy Instamart and Zepto offer on-demand medicine delivery, but their primary focus is urgent care. Truemeds’ value proposition centers on affordability, clinical validation, and scheduled medicine supply, targeting a different consumer segment.
7. The Journey of Truemeds: From Startup to Scale-Up
7.1 Early Days and Market Fit
Early Days and Market Fit
Back in 2019, when Truemeds first kicked off, they zeroed in on a glaring gap: chronic care patients were being left out in the cold. Instead of chasing quick wins, they dug deep, crafting a tech-powered model built to scale. What really clicked early on? Patients who needed medicines on a planned schedule started showing up, proving the idea wasn’t just a shot in the dark—it fit the market perfectly.
7.2 Growth and Funding Milestones
The journey wasn’t an overnight success. It began with modest seed funding, then kept gaining momentum, leading to an impressive $85 million Series C round recently. Today, the company has grown into a workforce of about 3,000, with a core 250-person team holding the fort at headquarters. Orders have surged dramatically, more than doubling year after year, now closing in on the 600,000 mark every month.
7.3 Expansion Plans
The fresh funding will drive expansion of fulfillment centers to 50, establish a Bengaluru tech hub, and launch affordable diagnostics. The company plans to further invest in AI and machine learning to optimize supply chain and customer experience.
8. Learning for Startups and Entrepreneurs
Truemeds raises $85 million, which offers some sharp insights for anyone looking to launch a startup: First off, zeroing in on genuine problems works chronic care isn’t just a fad; it’s a relentless demand that won’t vanish anytime soon. They didn’t chase shiny trends; they tackled something that truly matters.
Then, the tricky dance of keeping costs low without tanking quality. That clinical validation? It’s not just a checkbox—it’s what convinces people that generics can be trusted. Trust isn’t given; it’s earned through proof.
Technology? It’s not about piling on every new gadget but using AI in a smart, surgical way—curating products, predicting needs that’s what fuels real growth that can scale.
And don’t rush to grow blindly. Truemeds nailed their product-market fit and economics before taking off. That’s a lesson many overlook in their eagerness to expand.
Lastly, having investors who genuinely believe in the vision makes all the difference. It’s not just about cash; it’s about consistent support that steadies the ship and fuels momentum.
Their story is a textbook example of how tech, deep healthcare know-how, and a crystal-clear value proposition can shake up even the most traditional fields.
Foundlanes: Championing Healthcare Innovation in India
Foundlanes doesn’t just cover startups it celebrates the fearless innovators reshaping India’s healthcare scene. We spotlight trailblazers like Truemeds who refuse to accept the status quo and are bridging huge gaps in access and affordability.
Our mission? To help entrepreneurs, investors, and policymakers decode the evolving startup world here. Because understanding these pioneers is key to nurturing a future where healthcare isn’t a privilege, but a right.