Exclusive: Truemeds to raise $44 Mn led by Accel India
Summary
Info Edge will also join the round with Rs 21.31 crore.The company will use these proceeds to advance the business and facilitate the planned growth, as per filings. Co-founders Akshat Nayyar and Kunal Wani will collectively retain a 22.43% stake in their personal capacity.Founded by Nayyar and Wani, Truemeds lets consumers find medicines of alternate brands with the help of prescriptions uploaded by them.Truemeds recorded an impressive two-fold growth in its revenue to Rs 315 crore during the fiscal year ended March 2024. Efficient cost management and scaling efforts also contributed to a 9% reduction in losses, bringing them down to Rs 61 crore during the same period.Awareness of generic medicines has been rising fast in India, thanks to government backed efforts to provide cheaper meds at both state and central levels. However, with government efforts focused on select, high usage molecules, it leaves enough potential for firms like Truemeds to capitalize on the new awareness for options. Be it vitamins and supplements, or even Homeopathic meds, the firm has built up a wide selection on offer for users seeking cheaper options here.