With More than 400 million chronic patientsIndia is one of the world’s largest pharmaceutical markets. But while most e -pharmaceuticals chase fast, the ability remains the real challenge. Truemeds A different path adopted: Helping patients to convert to low -cost alternatives, a condition that now pays four times four times newly funded by its previous diagnosis.
Six -year -old Startup has raised $ 85 million in a new round, including Million 65 million in primary and $ 20 million in the Secondary Fund headed by Excel, as well as the participation of the peak XV partners. Tech Crunch first reported Excel’s talks last year. Current investors were also participated by West Bridge Capital and Information Ventures.
The fresh era has increased the price of trumids more than $ 400 million at a distance of more than 110 million in its last round two years ago.
Established in 2019, Trumidis entered the market at a time when India’s online pharmacy was already crowded with large players who offered a discount on branded generic. But some of these companies struggled to maintain the initial pace. Instead of competing, the founders of Trumidas chose to focus on ordinary medicines.
In an interview, Akshay Nair, co -founder of Tymees, said, “There is no way to educate the user if you cannot afford these drugs, you may have more affordable options.” “At the same place we felt that no one in the value of China was working towards it, and we could remove this gap.”
This brand -based drug -based consumers based in Mumbai recommend a common alternative to users who need them. This results in helping consumers save money, as ordinary medicines are usually cheaper than their branded version due to the ability to cost them.
Trumides say its different approaches have ended, with an annual annual annual increase by 66 % to 66 % to $ 5 billion ($ 57 million) in the last financial year. Startup says he retains more than 15 % of his income after 12 months and now serves an average of 500,000 users every month, with a total of 3 million users to date. In addition, they say that it now offers more than 20,000 postal codes nationwide, with more than 75 % of its users come from tire -2 cities and beyond.
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However, informing consumers about their alternatives to their prescribed drugs – and convincing them to turn into a generic from branded medicines remain a challenge.
“Since you get anchored at the cost of your fixed brand, and when you suddenly see a low price, you want to know why it is less.”
Rise in discount while rivals retreat
Although today’s e -pharmaceuticals chases faster than savings, the first playbook of the sector was different. In India, online pharmacy offered up to 25 % discounts to attract users. However, Nair said it fell to 20 % and then 15 % – the new average – is included in the most burned cash and faster delivery as their central discrimination.
Meanwhile, Trumidis has gone in the opposite direction, which has increased its average discount from 29 % to 32 % in the last 12 months. The company says that for an average user who changes brands on the platform, savings reach 47 % on its medicine.
He said that it comes from pharma companies with a deep purchase relationship of Trumines, where startups use their technology to give manufacturers better demand, which helps them to plan production more efficiently for the coming circles.
Startup also relies on its logistics in some major cities in which he works and uses low -cost logistics partners for the rest.
“We believe that our four -hour delivery model is much more than a chronic patient’s point of view,” Nair said.
Next: AI -powered customization and diagnosis
Since the trumids need to agree to consumers to choose more gener than branded medicines, it goes through deep consultation with them. It already conducts 10-12 million consultations each year. Startup has developed an algorithm in the past years that looks at various parameters to clearly suggest replacement of branded drugs as per consumer demand. It considers such importance as the drug is coated from sugar if it is for a young patient, where it is developed, and whether the plant is certified by GMP, among others. Startup also has a chat boot to solve some user questions quickly.
A lot is on the roadmap. The company plans to develop an AI -based system that customizes the previous interaction -based conversation with consumer behavior and general alternatives. It is also opening the Bangalore office, while at least 20 % dedicated to capital engineering and product development.
Beyond the medicine, Trumidis are planning to enter the diagnosis by partnership with the National Pathology Labs, some tires are planning lab testing services in 2 cities in the next three to four months.
The co -founder said, “The basic mission remains the same, making health care cheaper for the last user.” “It started with medicines. Now when the model is being set up, we will continue to measure it. At the same time, we also want to see if we can do something on the diagnostic front, where we can at least be the lowest cost of the most common tests.”
Startup has also planned to increase its complementary center by 300 % – which is currently from 19 – over the next 12 months, aimed at deepening its presence in existing markets.
Before this period, Trumidas collected 50 million millions and still 30-35 % of the investment is in the bank, Nair said.
Startup has a workforce of 2,800 people, of which 250 are based in the Mumbai office.