Truemeds Eyes DealShare Acquisition At $90 Mn, 95% Below Peak Valuation: Report

Ecommerce unicorn DealShare is reportedly in advanced talks to be acquired by online pharmacy Truemeds through a share-swap transaction. 

The proposed deal could value DealShare at a little over $90 Mn, a steep fall from its peak valuation of $1.7 Bn in 2022, the Economic Times reported. Entrackr was the first to report that DealShare was in talks for a potential acquisition.

Under the proposed structure, Truemeds is expected to issue shares to DealShare’s investors at a valuation of about $600 Mn. The final terms of the transaction are still being worked out.  

DealShare and Truemeds did not respond to Inc42’s queries till the time of publishing this story. The story will be updated upon receiving a response. 

The proposed valuation is only marginally higher than DealShare’s cash balance of over $90 Mn, indicating that the transaction is largely centred on the startup’s cash reserves rather than its operating business. It would also allow Truemeds to access these funds without making an upfront cash payment. 

WestBridge Capital is a common investor in both startups. 

From Unicorn To Distress Sale 

Founded in 2018 by Sourjyendu Medda, Vineet Rao, Sankar Bora, and Rajat Shikhar,  DealShare began as a community-led ecommerce platform catering to value-conscious consumers, particularly in smaller cities and towns. It has raised nearly $400 Mn to date from investors such as WestBridge Capital, Z47, Tiger Global, and Alpha Wave Global. 

The startup entered the unicorn club in 2022 after raising $165 Mn in a Series E round led by Tiger Global, Alpha Wave Global, and Kora Investment. A subsequent $45 Mn infusion from the Abu Dhabi Investment Authority took its valuation to $1.7 Bn. 

However, DealShare faced mounting pressure as competition in India’s ecommerce market intensified, particularly from larger horizontal ecommerce platforms and quick commerce players that have expanded aggressively into smaller cities.

DealShare shut down its B2B vertical and laid off more than 100 employees in 2023 as it sought to reduce its cash burn. It also scaled back its geographical presence and shifted its headquarters from Bengaluru to Delhi NCR.

The restructuring was accompanied by the departure of DealShare’s entire founding team. Rao, who served as CEO, and COO Bora left the startup in 2023. Medda subsequently stepped down as CEO in January 2024.

Shikhar, the last remaining cofounder and DealShare’s CPTP, left the startup in December 2025, according to his LinkedIn profile.

Its revenue from operations declined to around ₹432 Cr in FY25 from ₹499 Cr in FY24 and nearly ₹1,963 Cr in FY23. Its loss narrowed to ₹87.65 Cr in FY25 from ₹167 Cr in FY24.

Truemeds’ Expansion Push

Founded by Akshat Nayyar and Kunal Wani in 2019, Truemeds operates an epharmacy that helps consumers find lower-cost alternatives to prescribed medicines. It also sells healthcare devices such as blood pressure monitors and nebulisers.

The healthtech startup has raised over $175 Mn to date. In August last year, it closed an $85 Mn Series C funding round from Accel, Peak XV Partners, WestBridge Capital, and Info Edge Ventures. The round valued Truemeds at over $400 Mn.

Truemeds planned to use the capital to expand its fulfilment network in non-metro markets, strengthen its engineering and product teams, and establish a technology hub in Bengaluru.

DealShare’s sourcing and distribution network in smaller cities could complement these expansion plans. However, it remains unclear whether DealShare’s existing operations and brand would continue after the proposed acquisition.

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