Telehealth platform Truemeds raises $5M in series A funding

Telehealth platform Truemeds closed its $5 million series A funding round led by InfoEdge Ventures, Asha Impact and Indian Angel Network Fund (IAN Fund). Since its seed round in May 2020, the Mumbai-based startup has witnessed a 40X growth in monthly orders, with over 50 per cent of orders resulting from strong word of mouth and organic discovery. Existing investor, InfoEdge Ventures, led the second consecutive funding round in Truemeds. The funding will be used to further expand its footprint to three additional cities, build product and technology and invest in improving the supply chain of generic medicines. Having repeat usage of over 60 per cent and a high annual purchase frequency (8-10 times), Truemeds is building a subscription-like service for chronic patients. Truemeds is the first of its kind telehealth platform in India focused on recommending best value alternate brands to chronic patients. It provides free delivery of the suggested alternate brands to the patient’s home. On average, each Truemeds’ patient saves around 47 per cent on their monthly medicine bills by using Truemeds’ proprietary recommendation engine and free consultation from their empaneled doctors.