Truemeds secures $85 million funding led by Accel and Peak XV Partners

Truemeds, an online pharmacy focused on generic drugs, has secured $85 million in a new funding round led by Accel and Peak XV Partners.

Of the total, $65 million was primary funding and $20 million was from secondary transactions, allowing early backers to exit, said cofounder Akshat Nayyar. Existing investors WestBridge Capital and Info Edge Ventures also participated in this round.

The company plans to use the funds to triple its national presence by adding fulfillment centres, growing its team, and establishing a technology hub in Bengaluru.

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In April 2022, Truemeds raised $22 million in a round led by WestBridge Capital, with participation from existing investors. In 2021, it secured $5 million from Info Edge Ventures, Asha Impact, and Indian Angel Network.

To date, the platform has raised $135 million and is valued at over $400 million.

“We have cracked the business model and the product market fit is in place too. Even at an order level economics, we are able to deliver a very positive result. So, now we are focusing on expanding our footprint in the country,” Nayyar said.

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“There is a need for urgent care when it comes to health, which is what quick commerce will be able to solve. However, we are focusing more on the planned care part,” said Nayyar. “Our target market is that where there is a planned need for medicines, which is more value-driven than speed-driven.”

“India’s healthcare market is undergoing rapid transformation, yet affordability continues to be a major barrier, especially in chronic care,” Abhinav Chaturvedi, Partner at Accel, said in a prepared statement. “Truemeds is bridging this gap with a clinically guided, technology-led platform that delivers transparency and accessibility at scale.”

“By leveraging technology to deliver a seamless customer experience, they are redefining how essential medicines reach those who need them the most,” Sakshi Chopra, managing director of Peak XV, said in a statement.

About Truemeds

Founded by Naitik Nayyar and Akshat Wani, Truemeds, based in Mumbai, operates 19 fulfillment centres and aims to expand to 50 within a year. Monthly orders have doubled year-on-year to nearly 600,000. 

The company closed FY25 with ₹510 crore in net revenue.

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