Truemeds Doubles Revenue to Rs 315 Crore, Narrows Losses in FY24

Mumbai-based telehealth platform Truemeds has reported a significant milestone, achieving Rs 315 crore in gross revenue for 2024, marking a 100% increase from the previous year. The company also successfully reduced its losses by 9% during this period.

According to financial statements filed with the Registrar of Companies (RoC), the digital healthcare startup's core business of medicine and medical device sales contributed 98.4% of its operating income, reaching Rs 310 crore in FY24. On the other hand, shipping and packaging services generated Rs 1.7 crore and Rs 2.8 crore, respectively.

Founded by Akshat Nayyar and Kunal Wani, Truemeds has carved out a niche in the competitive telehealth sector by helping consumers find alternative brand medicines through prescription uploads. The company's operational efficiency improved in FY24, with losses narrowing to Rs 61 crore from Rs 67 crore in the previous year, despite spending Rs 1.23 for every rupee earned.

Truemeds shows promising signs, with total current assets of Rs 253 crore, of which Rs 155 crore is in cash and bank balances. The venture-backed startup has raised over $27 million, with Info Edge emerging as the most significant external stakeholder, holding a 25.25% stake. A significant portion of this funding came from a $22 million Series B round led by WestBridge Capital in 2022.

While expenses increased by 74.7% to Rs 386 crore in FY24, the company maintained strategic cost management. Medicine and device procurement, accounting for 67.8% of total expenditure, rose by 96% to Rs 262 crore, while employee benefits saw a 75% increase to Rs 42 crore.

Operating in a competitive landscape alongside PharmEasy, Tata 1mg, Netmeds, and Apollo 247, Truemeds has benefited from growing consumer demand for affordable healthcare solutions. As a distribution channel, the platform has become particularly valuable for smaller pharmaceutical companies. However, industry observers note that challenges remain, including intense market competition and potential regulatory pressures from traditional pharmacy lobbies.