Telemedicine platform, Truemeds, on Tuesday said it has raised $5 million as a part of its Series A funding round led by InfoEdge Ventures, Asha Impact and Indian Angel Network Fund (IAN Fund).
According to the company, it will use the funding to further expand its footprint to additional cities, build product and technology and invest in improving the supply chain of generic medicines.
The two-year old startup leverages its medicine recommendation engine to help patients find alternative medicines from the top 1% medicine manufacturers in India and provides free doctor consultations to help patients make the right decisions for themselves.
“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 doctor-patient relationship. Covid-19 has shown the country how important it is to make medicines affordable and accessible,” said Akshat Nayyar, co-founder and chief executive officer, Truemeds.
In May last year, the company had raised $487,000 as a part of its seed funding round led by InfoEdge Ventures.
“…With this new round, we continue our support for the company as they build further on the proposition to deliver significant savings on healthcare expenses of consumers,” said Amit Behl, partner, InfoEdge Ventures.
Over the last year, the company claims that monthly orders have grown by 40 times on its platform.
“Truemeds has seen tremendous growth in the last year which speaks to the increasing importance of reducing patient spends on medicines for the majority of Indian households, and the growing trust that Truemeds as a brand has started building with this customer base,” said Aditi Gupta, principal at Asha Impact.
Truemeds also claims that 60% of purchases on its platform are from repeat customers, at present.
“Truemeds is creating a real impact for customers by enabling reduction of medicine costs and this resonated well with us. Trumeds disruptive model is now fast becoming the ‘normal’ for customers, suppliers and pharma companies” said Rajnish Kapur, managing partner from IAN Fund.
This article was first published on livemint.com