Accel, a global venture firm, is currently in advanced discussions to invest between $30 million to $40 million in Truemeds, an Indian online pharmacy that focuses on providing customers with more affordable generic alternatives to expensive branded medications. The proposed valuation for Truemeds is around $330 million, as reported by several sources familiar with the matter.
Although the deal has not been finalized yet, and the terms may still change, this potential investment highlights the growing interest in the online pharmacy industry. Truemeds, headquartered in Mumbai and founded six years ago, is looking to revolutionize how medicines are distributed to consumers by cutting out middlemen and offering generic options recommended by their in-house doctors.
Unlike some of its competitors in the market, Truemeds operates entirely online, providing consultations, prescription orders, and deliveries digitally. This approach not only streamlines the process for customers but also enables the company to serve individuals in remote areas who may not have easy access to physical pharmacies.
The online pharmacy sector in India has been experiencing significant changes recently, with companies like Pharmeasy facing challenges with loan repayments and valuation fluctuations. Despite these industry shifts, Truemeds has managed to carve out a unique position by focusing on reducing medication costs, especially for individuals with chronic health conditions that require ongoing treatment.
If the funding round with Accel goes through, Truemeds’ valuation would more than double compared to its previous funding rounds. Last year, the company raised $132 million in an extended Series B round, with investors like WestBridge Capital and Info Edge Ventures participating. This potential investment from Accel could further solidify Truemeds’ position in the market and support its mission of making healthcare more accessible and affordable for all.
