Investigative body, JSA, initiates actions towards Truemeds during Series C funding round worth approximately 745 crores
In a significant development for the healthcare sector, Intellihealth Solutions, which operates under the brand Truemeds, has successfully raised approximately ₹745 crore ($85 million) in its Series C fundraise.
The fundraise was led by Accel and Peak XV Partners, with participation from WestBridge and InfoEdge Ventures. The key advisors for this fundraise were primarily legal counsel from Khaitan & Co and JSA.
Khaitan & Co advised Peak XV Partners Growth Investments IV and Info Edge Venture Fund on their investments in Truemeds' USD 28 million Series C funding round. The Khaitan & Co team for Peak XV Partners included Senior Partner Bharat Anand, Partners Nidhi Killawala and Mukul Aggarwal, along with Senior Associates Shatakshi Gupta and Ishaan Chopra, and Associates Sakshi Garg and Pranjal Prateek. Nirupam Lodha (Partner) supported intellectual property aspects, and Pranjal Prateek (Associate) worked on competition law aspects. For Info Edge Venture Fund, the team included Partner Sanchit Agarwal and associates including Pulkit Chaturvedi, Chirag Mangal, Jubin Jay, and Prerna Kapur.
On the other hand, JSA advised Intellihealth Solutions (Truemeds) and its founders on the Series C fundraise, with Accel leading the round's first close. Tanmayee Shriprasad Apte, Associate at JSA Advocates and Solicitors, and Rishabh Gupta, Partner at JSA Advocates and Solicitors, were part of the transaction team. Saurabh Chatterji, Associate at JSA Advocates and Solicitors, was also involved in the deal.
Truemeds, a leading telehealth platform, is focused on enabling greater affordability in healthcare access. The company provides generic and substitute medicines. Akshath Mithal, Principal Associate at JSA Advocates and Solicitors, was part of the transaction team but did not have a specific advisory role mentioned in this announcement.
Intellihealth Solutions Private Limited operates under the brand Truemeds. This fundraise marks a significant step forward for the company as it continues to expand its services and make healthcare more accessible and affordable for all.
[1] Source: Khaitan & Co press release [2] Source: JSA Advocates and Solicitors press release [3] Source: Livemint [4] Source: Economic Times
- The finance raised by Intellihealth Solutions, the operator behind Truemeds, will be instrumental in expanding their business by making healthcare more affordable and accessible.
- Alongside legal counsel from Khaitan & Co, JSA Advocates and Solicitors provided advice for investors during the Series C fundraising process, aiding in the business of investing in the telehealth platform, Truemeds.
