Mumbai-based healthtech platform Truemeds has secured INR 174 crore (approximately $20 million) in a Series C funding round led by Peak XV Partners, according to the company’s filings with the Ministry of Corporate Affairs (MCA).
As per the filings reviewed by Inc42, the capital was raised through the allotment of 19,737 Series C2 compulsory convertible preference shares (CCPS), each with a face value of INR 100 and a premium of INR 88,231.
Truemeds stated that the fresh funds will be primarily directed toward advancing its business operations and supporting the company’s planned expansion initiatives. The startup’s post-money valuation now exceeds $400 million.
This new investment comes in addition to the INR 375.2 crore (~$44 million) funding round in March 2025, which was led by Accel India VII (Mauritius) Ltd. During that round, Truemeds’ board approved the issuance of 49,300 Series C CCPS to raise the capital.
Other participants in the Series C round include WestBridge, Konark Trust, MMPL Trust, and IE Venture Fund Follow-on I (IEVF). With the latest funding, Truemeds has raised a total of $64 million in its Series C round.
Founded by Akshat Nayyar and Kunal Wani, Truemeds allows users to upload prescriptions and discover cost-effective generic alternatives to prescribed medications. The platform also offers personal care items, supplements, and healthcare devices through its online storefront.
Truemeds previously raised $22 million in its Series B round in April 2022, led by WestBridge Capital, and $5 million in Series A from InfoEdge Ventures, Asha Impact, and Indian Angel Network in 2021.
The latest investment comes as Peak XV is reportedly preparing to raise its first independent fund since separating from US-based Sequoia Capital. As per an April report from The Economic Times, the fund size is expected to be in the range of $1.2–1.4 billion and will focus on early-stage startups across India and Southeast Asia.
Healthtech Sector Sees Steady Funding Momentum in H1 2025
The Indian healthtech sector recorded 29 funding deals in the first half of 2025, according to the Inc42 Indian Tech Startup Funding Report H1 2025. With $377 million raised, the sector ranked fourth among India’s most funded startup segments, following fintech, ecommerce, and enterprise tech.
Leading the sector’s funding chart was Innovaccer, which raised $275 million in Series F from B Capital Group, Banner Health, and Danaher Ventures LLC.
In March 2025, Dozee raised INR 71.5 crore through a mix of equity and debt. Earlier, Avammune Therapeutics secured $12 million in Series A from Capital 2B, Shastra VC, and Kotak Alternate Asset Managers’ Life Sciences Fund I.
In another significant development, Apollo Hospitals reportedly acquired Onco, a cancer care startup, amid rumours of its shutdown.