Accel, the prominent global venture capital firm, is reportedly in advanced discussions to lead a funding round of $30 million to $40 million in Truemeds, an innovative Indian online pharmacy focused on making healthcare more accessible through affordable generic medications. According to multiple sources familiar with the negotiations, the proposed valuation for the six-year-old startup stands at approximately $330 million.
While the deal is not yet finalized, and terms could change as discussions continue, the potential investment comes at a pivotal time for the online pharmacy sector. The industry has been witnessing significant consolidation and challenges, highlighted by the dramatic drop in valuation for Pharmeasy, a competitor backed by Prosus Ventures, which has plummeted from $5.6 billion to below $600 million due to repayment struggles with Goldman Sachs.
Truemeds, headquartered in Mumbai, is carving out its own niche by redefining how medications are delivered to consumers. By streamlining the supply chain and cutting out middlemen, the platform aims to significantly reduce costs for patients, especially those with chronic conditions requiring long-term medication. After customers upload their prescriptions, Truemeds’ doctors recommend equivalent generic alternatives produced by trusted Indian manufacturers, ensuring both quality and affordability.
The fully digital platform enables consultations, ordering, and delivery, allowing it to reach customers even in remote areas, where access to healthcare can be limited. If the new funding round successfully materializes, it could more than double Truemeds’ valuation, which was pegged at $132 million during an extended Series B round last year. Previously, Truemeds raised Series B funding from investors like WestBridge Capital and Info Edge Ventures at a valuation of $76.7 million, according to venture insight platform Tracxn.
As Accel and Truemeds continue their discussions, the future of this promising startup and its potential to reshape the online pharmacy landscape remains a focal point for investors and healthcare advocates alike.
