1mg

Online healthcare platform 1mg secures $15 Mn Series C round

1mg

Gurugram-based digital health startup 1mg has secured $15 million in Series C round led by HBM Healthcare Investment and existing investors-Maverick Capital Ventures, Sequoia India, Omidyar Network and Kae Capital.

The online marketplace, which operates a mobile app 1mg and the web platform 1mg.com will use the latest proceeds to enhance its technologies’ expansion plans, reported ET.

“We are growing double digits month-on-month.The funding is largely towards growth and building some key teams with regards to data analytics,” said co-founder,CEO Prashant Tandon.

He added, “We will use the funds also for our geographic expansion of our pharmacies, diagnostics and e-consultation. We are looking at some additional business lines, like partnerships with insurance companies.”

Earlier known as HealthkartPlus and rechristened as 1mg in 2015, is a medicine database that provides information on the side effects of medicines and the best alternatives for medicines.

The startup has added newer revenue generating verticals such as e-pharmacy, e-diagnostics, and e-consultations, a facility where users can request door-step sample collection for a number of tests offered by pathology labs like SRL Diagnostics and Dr Lal Path Labs

The company competes with the likes of Netmeds and Practo, across segments. Practo had raised $55 million in January. Sequoia Capital is an investor in both Practo and 1mg.

The healthcare-focussed HBM Healthcare Investment has about $1 billion as net asset and had invested in 1mg as a top-up round following the Series -B in which the startup had rasied $16 million in April last year.

According to KPMG report the total funds raised by healthcare startups in India since 2009 has been $338 million (approximately Rs 2248.6 crore)

“HBM decided to lead the current round and double down on its investment in 1mg, pre-empting any need for the company to seek external capital and keeping the focus on continued growth,” said Andreas Wicki, CEO of HBM Healthcare Investments.

Image credit: Freepik

1mg

Online healthcare platform 1mg secures $15 Mn Series C round

Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Below is the bank details:

 
Amount: INR 3,19, 000 (After Adding 18% GST and Deducting 2% TDS)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
Kindly make the payment to confirm your seat for Unicorn trip 2.0. For any other queries/concern: pls drop a email on: [email protected]

Overcome FOMO
with our Daily Newsletter

X