Truemeds, a telehealth platform which utilises technology to provide healthcare at a distance, announced that it has raised $22 million in a Series B funding round led by private equity fund Westbridge Capital. Existing investors who participated included Infoedge Ventures, Asha Impact and IAN Fund.
“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.
The company plans to use the funds to accelerate growth in the untapped domestic market and expand its coverage across the country, it said in a statement.
For the uninitiated, Telehealth refers broadly to electronic, digital and telecommunications technologies and services which are used to provide care and services at-a-distance.
The Mumbai based start-up was founded by ex-Abbott employees Akshat Nayyar and Kunal Wani, with the aim to provide door to doorstep delivery services while reducing the cost of bills.
Truemeds Co-founder & CEO Akshat Nayyar, said, "We are overwhelmed by the confidence our incoming and existing investors have shown in us. We are excited to welcome Westbridge Capital to join us as we make Truemeds a household name.”
He also added that India is one of the very few markets where they have pseudo-categorisation of medicines in branded and generic-generic to create different price tiers between them
The company plans to triple its fulfilment centres across the country in the next six months in an effort to improve customer experience.