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Telehealth platform Truemeds attracts $85-M from Accel, Peak XV, others

Economic Times   Truemeds  

Mumbai-based telehealth platform Truemeds has raised USD 85 million in a funding round led by Accel and Peak XV Partners. Existing investors WestBridge Capital and Info Edge Ventures also participated in the financing. Of the total, USD 65 million was primary capital, while USD 20 million was through secondary transactions in which early backers exited.The company will use the funds to triple its national footprint by adding fulfilment centres, expand its team and set up a technology hub in Bengaluru.In April 2022, Truemeds had raised USD 22 million in a funding round led by Westbridge Capital with participation from existing investors. In 2021, the company had raised USD 5 million from investors, including Info Edge Ventures, Asha Impact and Indian Angel Network. The platform has raised USD 135 million to date and is valued at over USD 400 million.Truemeds, founded by Akshat Nayyar and Kunal Wani in 2019, focuses on recommending value alternative brands to patients.The company has 19 fulfilment centres and plans to take it to 50 in the next 12 months. Truemeds closed FY25 with about INR 510 crore in net revenue.