Truemeds Tele-Health Platform

Tele-Health Platform Truemeds, a Mumbai based startup has raised $5 Mn (INR 36.4 crore) in a Series-A funding round led by InfoEdge Ventures, Asha Impact along with (IAN) Indian Angel Network. InfoEdge had also invested in the seed round of the startup. In May 2020, Truemeds had also raised $487K (INR 3.7 Cr) from the IE Venture Fund for 17.8% stacks in the company.

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

This fresh round of funding will be used to build product and technology, increase the footprints in three additional cities, and invest in improving the supply chain of generic medicines.

Since its seed funding round in May 2020, Truemeds has witnessed 40 times growth in their monthly orders, with over 50 per cent orders resulting from word of mouth and organic search online. The company’s services are currently available across 16,000 pin-codes around the nation.

Co-founder & CEO Akshat Nayyar stated: “Truemeds was founded with a mission to make generic medicine affordable for chronic patients. For Truemeds its all about providing the best value alternate brands, it was about changing the paradigm of doctor-patient relationship,”

Amit Bhel partner at InfoEdge also stated: “We continue our support for the company as they build further on the proposition to deliver significant savings on healthcare expenses of consumers,”

In March 2020 the government has also released Tele-medicine Practice Guidelines, making virtual consultation the preferred channel for seeking quality healthcare just days after a strict lockdown was enforced to contain the pandemic’s spread. The guidelines also brought some much-needed clarity around digital healthcare and tele-medicine sector, resulting in a spurt of tele-medicine platforms with startups leading the way.

Truemeds, Tele-Health Platform saw growth at 31% CAGR (compound annual growth rate), The tele-medicine market has the maximum potential in the eHealth segment in India. It is expected to reach $5.4 Bn (INR 3940 crore) by 2025,

After the Covid-19 outbreak the sector got a much-required push as remote consultation worked exceedingly well during nationwide lockdowns. It reduced all contagion risks to zero, provided quick access to medical care and cut down the effort, time and cost of travelling required for in-person consultations.

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