According to half a dozen sources, Accel, the global venture firm, is in advanced discussions to lead a funding round of $30 million to $40 million in Truemeds, an Indian online pharmacy that’s focused on providing customers with more affordable generic alternatives to costly branded medications.

The talks are currently centered on a proposed valuation of about $330 million for the 6-year-old, Mumbai-headquartered startup, per these same sources, who requested anonymity as the deliberations are ongoing and private.

The deal hasn’t finalized, so it may still not materialize or the terms can change, the sources cautioned. Accel and Truemeds didn’t immediately respond to requests for comment.

The potential round for Truemeds comes amid a period of consolidation and upheaval in the online pharmacy industry. PharmEasy, backed by Prosus Ventures, has seen its valuation plummet from a peak of $5.6 billion to below $600 million after struggling to repay a loan to Goldman Sachs. 

Janus Henderson, the British American global asset firm, implied a valuation of about $458 million for PharmEasy at the end of June, according to its most recent mutual fund disclosures. In 2021, Tata Digital acquired 1mg, another major player in the space.

Unlike its competitors, Truemeds is taking a slightly different approach. The startup aims to disrupt the supply chain of how medicine reaches customers, eliminating middlemen that inflate the final price. After customers upload their prescriptions, Truemeds doctors recommend generics with the same active ingredients, produced by Indian manufacturers. This service aims to reduce medication costs, particularly for those with chronic conditions requiring ongoing treatment.

The platform operates entirely online, with consultations, ordering, and delivery all handled digitally. This eliminates the need for patients to visit physical pharmacies and allows Truemeds to reach customers in remote areas. 

If the new funding materializes, it would more than double Truemeds’ valuation, which was $132 million in an extended Series B round last year. The startup originally raised the Series B funding from investors, including WestBridge Capital and Info Edge Ventures at a valuation of $76.7 million, according to Tracxn, a venture insight platform.