Healthcare and Lifesciences
VedaCorp Advises Truemeds, a leading telehealth platform, on its $85 Mn Series C funding led by Accel and Peak XV
About
Truemeds
Truemeds is a technology-driven telehealth platform providing economical generic alternatives to branded medicines. The platform serves patients nationwide across more than 20,000 pincodes, processing 600,000 orders monthly. The Company currently serves an average of 500,000 customers each month, with a total customer base of 3 million.
Accel
Accel Partners India is a venture capital firm focused on investing in early-stage and growth-stage companies in India and Southeast Asia. Recently, in Jan 2025, secured $650 Mn for its eighth fund, bringing total commitment to the region to nearly $3 Bn.
Peak XV
Peak XV Partners (Formerly Sequoia Capital India & SEA) is a leading venture capital and growth investing firm investing across India and South East Asia. Over the last 17 years of operations, Peak XV has grown to manage over $9 Bn in capital across 13 funds and invested in over 400 companies.
Background
We are pleased to announce that our client, Intellihealth Solutions Pvt. Ltd. (“Truemeds” or the “Company”) has successfully raised Series C funding of $85 Mn, led by Accel and Peak XV. The funding also saw participation from existing investors, WestBridge Capital and Info Edge Ventures. The Company will utilise the funds for adding fulfilment centers in high-demand non-metro markets, recruit top-tier product and engineering talent, and establish a technology hub in Bengaluru.
Founded in 2019 by Akshat Nayyar and Dr Kunal Wani, Truemeds is engaged in delivering high-quality, generic medicine alternatives at 50-70% lower costs. The company uses proprietary algorithm to recommend clinically equivalent cost-effective substitutes, focused on chronic care.
Veda Corporate Advisors (“VedaCorp”) was the exclusive financial advisor to the Company, its promoters, and existing investors. VedaCorp provided comprehensive transaction advisory services including identification of investors, deal structuring, assistance with due diligence, and negotiation of key commercial terms, leading to the successful closure of the transaction. The deal underlines our capability to market high-quality tech-first businesses and generating interest from marquee institutional investors.