Global venture firm Accel has raised a $30-$40 million funding round from Truemeds, an Indian online pharmacy focused on providing customers with more affordable generic alternatives to expensive branded drugs, according to six sources familiar with the matter. We are in preliminary discussions to take the lead. .
Talks are currently focused on a valuation of around $330 million for the six-year-old Mumbai-based startup, according to the same source, who requested anonymity because deliberations are ongoing and private.
Sources cautioned that because the deal is not finalized, it may not yet materialize or its terms may change. Accel and Truemeds did not immediately respond to requests for comment.
Truemeds’ potential round comes amid a period of consolidation and upheaval in the online pharmacy industry. Pharmeasy, backed by Prosus Ventures, saw its value plummet from a high of $5.6 billion to less than $600 million after struggling to repay a loan to Goldman Sachs.
British-American global asset firm Janus Henderson hinted that Pharmeasy would be valued at around $458 million at the end of June, according to its most recent mutual fund disclosure. In 2021, Tata Digital acquired 1mg, another major player in this space.
Trumed is taking a slightly different approach than its competitors. The startup aims to disrupt the supply chain through which medicines reach customers and cut out middlemen who inflate the final price. Once a customer uploads a prescription, Truemeds doctors recommend generics containing the same active ingredients produced by Indian manufacturers. The service aims to reduce medication costs, especially for people with chronic conditions requiring ongoing treatment.
The platform operates entirely online, with consultations, orders and deliveries all handled digitally. This eliminates the need for patients to visit a physical pharmacy and allows Truemeds to reach customers in remote locations.
If the new funding materializes, it will more than double Truemeds’ valuation from $132 million in last year’s expanded Series B round. The startup originally raised Series B funding at a valuation of $76.7 million from investors including WestBridge Capital and Info Edge Ventures, according to venture insights platform Tracxn.
