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Mumbai-based healthtech startup Truemeds has secured INR 174 Cr (around $20 Mn) as a part of its Series C funding round from Peak XV Partners.
As per Truemeds’ MCA filings assessed by Inc42, the startup has raised the amount by allotting 19,737 Series C2 compulsory convertible preference shares (CCPS) of a face value of INR 100 each and premium of INR 88,231.
Truemeds said it would use the capital primarily towards advancing the business and facilitating the planned growth of the company. The company’s post money valuation stands north of $400 Mn.
This is in addition to Truemeds’ INR 375.2 Cr (about $44 Mn) funding round led by Accel India VII (Mauritius) Ltd in March. The company’s board passed a resolution to allot up to 49,300 Series C CCPS in February to raise $44 Mn funding.
The round also saw participation from WestBridge, Konark Trust, MMPL Trust and IE Venture Fund Follow-on I (IEVF).
With the current funding round, Truemeds has raised a total of $64 Mn in its Series C round.
Entrackr reported the development first.
Founded by Akshat Nayyar and Kunal Wani, Truemeds enables consumers to find alternative brands of medicines by uploading their prescriptions. The platform helps users discover more affordable options than prescribed medications, with a focus on generic alternatives.
Apart from medicines, the Mumbai-based startup also lists personal care products, vitamins and supplements and healthcare devices and tools.
Truemeds raised its Series B funding round in April 2022. It secured $22 Mn in Series B led by Westbridge Capital and participated by other existing investors.
A year before that, it raised $5 Mn in Series A funding from InfoEdge Ventures, Asha Impact and Indian Angel Network.
The investment by Peak XV came at a time when it is reportedly planning to raise its first independent fund since splitting with US-based Sequoia Capital two years ago.
Peak XV aims to raise $1.2 – 1.4 Bn for the new investment vehicle to back early stage startups across India and Southeast Asia, an ET report said in April.
(The story will be updated soon)
The post Healthtech Startup Truemeds Bags $20 Mn From Peak XV appeared first on Inc42 Media.
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