Truemeds-a-mumbai-based-healthtech-startup-has-raised-22-mn
Key Highlights:
  • Truemeds a Mumbai based Healthtech startup has raised $22 Mn in a Series B funding led by Westbridge Capital.
  • Truemeds focuses on recommending value alternative brands to chronic patients.
  • The startup plans to use the fresh capital to expand its operations across the country to tap into the untapped domestic market

Truemeds a Mumbai based Healthtech startup has raised $22 Mn in a Series B funding led by Westbridge Capital. The existing investors such as InfoEdge Ventures, Asha Impact and IAN Fund have participated in the round.

The startup plans to use the fresh capital to expand its operations across the country to tap into the untapped domestic market.

Truemeds was Founded by Akshat Nayyar and Kunal Wani. It focuses on recommending value alternative brands to chronic patients. The startup provides free delivery of the suggested brands. 

The co-founder and CEO of Truemeds, Akshat Nayyar believes India is one of the few markets where medicines are divided into branded and generic-generic categories to create different price tiers.

In India, “95% of the drugs sold are off-patent (thus technically generics). In an interview with the media, Nayyar said ” There is absolutely no difference in the scientific composition of generics and branded drugs”.

 He pointed out that the Indian generic and generic market is growing at 1.5 times the overall pharmaceutical market and following the US landscape where the generics prescription share moved from 40% in 2005 to over 85% in 2019. The market move towards generics is inevitable and Truemeds will lead that change

The health-tech startup raised $5 Mn in Series A funding last year. That round was led by InfoEdge Ventures, Asha Impact and Indian Angel Network. In addition, it plans to triple its fulfilment centres across the country in the next six months to better serve customers.

After the pandemic, the health tech sector in India has seen a massive boost in the last two years. As per a report, startups in this sector received $2.2 Bn in funding across 131 deals in 2021, while it minted four unicorns.

It is estimated that the health tech market in India to grow at 27% CAGR to $21.3 Bn by 2025, With a market share of more than 3%.

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