Telehealth platform Truemeds raises $22 million in Series B funding round led by private equity fund Westbridge Capital. The new funding round also saw participation from existing investors including InfoEdge Ventures, Asha Impact and IAN Fund.

Founded by ex-Abbott executives Akshat Nayyar and Kunal Wani, the Mumbai-based startup offers subscription-based, doorstep delivery of medicines with a focus on reducing the cost of bills by recommending reasonable, alternate brands to chronic patients. It also provides free doctor consultations.

So far, Truemeds has served over five lakh customers while fulfilling over one lakh orders every month. With fresh capital, the startup looks to expand operations beyond Maharashtra with plans to triple its fulfilment centres across the country in the next six months.

“India is one of the very few markets where we have pseudo-categorisation of medicines in branded and generic-generic to create different price tiers between them," said Akshat Nayyar, Co-founder & CEO, Truemeds.

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He added, "Around 95% of the drugs sold in India are off-patent (thus technically generics). There is absolutely no difference in the scientific composition of generics and branded drugs."

By solving this price differential, the startup aims to cut down medicine bills by half for over 250 million chronic patients in India, who spend 15-20 percent of family income on medicines.

“We are excited to partner with Truemeds as they create value for patients by delivering high quality drugs at extremely affordable prices at the patients' doorstep," said Sandeep Singhal, Managing Director, Westbridge Capital.

According to the company, an average Truemeds customer saves nearly 47 percent on their medicine bills and at times as high as 70 percent. An average Indian chronic patient spends Rs 3,000-4,000 every month on medicines.

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