Online pharmacy startup 1mg is in the final leg to raise $35.31 million in a fresh round led by new investor Corisol Holding AG, a Switzerland-based family office.
Existing investors Sequoia Capital India, Omidyar Network and Swiss healthcare-focused investment firm HBM Healthcare Investments are also joining the funding round.
While Sequoia has already put in the capital in the Gurugram-based startup, rest of the investors are yet to come in, revealed the regulatory filing first accessed by TechCircle.
According to undisclosed sources, existing investor Kae Capital is likely to sell its entire stake and is no more on the investor’s board. The fresh capital will also push the valuation of the Prashant Tandon-led firm to $200 million.
Founded by Tandon, Vikas Chauhan, and Gaurav Agarwal, 1mg was hived off from Healthkart in 2015. Besides selling directly to consumers, 1mg also targets corporates, OPD in insurance and patient support programmes in partnership with pharma companies.
The startup has added newer revenue generating verticals such as e-pharmacy, e-diagnostics, and e-consultations. Customers can request door-step sample collection for several tests offered by pathology labs like SRL Diagnostics and Dr Lal Path Labs.
In July 2017, 1mg had secured $15 million in Series C round led by HBM Healthcare Investment along with Maverick Capital Ventures, Sequoia, Omidyar, and Kae Capital.
The Series C round was then followed by $10 million bridge round in April 2018 at a pre-money valuation of $75 million.
In FY18, 1mg had recorded over 800 per cent rise in revenue to Rs 85.8 crore. The losses also soared to Rs 192 crore from Rs 58 crore in the preceding fiscal.
On the pharmacy segment, 1mg competes with NetMeds and Pharmeasy while it considers Lybrate and Practo as competitors in e-consultation.