Truemeds, a telehealth platform in India, has introduced residence $22 million in a Collection B funding spherical led by WestBridge Capital.
Its present buyers, InfoEdge Ventures, Asha Impression and IAN Fund, additionally joined the investing spherical.
WHAT IT DOES
Via its propriety algorithms, Truemeds recommends various worth medicines. Prospects can get a free e-consultation after importing their prescriptions or putting an order. At present serving greater than 500,000 clients, the Android and web-based service additionally affords free medicines supply across the state of Maharashtra.
WHAT IT’S FOR
The corporate in an announcement mentioned it plans to make use of its recent funds to speed up development in native untapped markets whereas increasing its protection throughout India.
Over the following six months, Truemeds will probably be tripling its fulfilment centres to enhance its attain. Presently, the telehealth agency is fulfilling over 100,000 orders month-to-month.
The newest fundraising occasion follows final yr’s Collection A investing spherical the place the corporate raised $5 million.
WHY IT MATTERS
Akshat Nayyar, CEO and co-founder of Truemeds, is of the view that there’s a pseudo-categorisation of medicines in India to create completely different value tiers between them. He claims that 95% of the medicine bought in India are “off-patent” or generic. “There may be completely no distinction within the scientific composition of generics and branded medicine,” he mentioned.
As over 250 million Indian sufferers with continual ailments spend between 15%-20% of their household revenue on medicines, Truemeds is recommending worth generic alternate options to assist sufferers save as much as 70% of their medication spending.
The home generic-generic market, in line with Truemeds, is rising 1.5 instances the general pharmaceutical market, mirroring the expansion of the generic prescription market share within the US, which jumped to 85% in 2019 from 40% in 2005.
MARKET SNAPSHOT
There have been a variety of acquisitions of digital pharmacies in India just lately. 1MG Technologies, which operates a digital well being platform providing medicines, on-line diagnostics, and teleconsultations, has bought a majority of its shares to Tata Digital, the IT service arm of Tata Sons.
Flipkart, one of many main e-commerce corporations in India, additionally purchased a majority stake in on-line pharmacy startup SastaSundar, which was just lately relaunched as Flipkart Health+.
