Gurugram-headquartered online pharmacy and healthcare portal 1mg has closed $70 million Series D round led by Corisol Holdings with the participation of the World Bank’s investment arm IFC.
While Redwood Global and Korea Omega Healthcare Fund are new investors to join the funding round, existing investors Sequoia Capital, Maverick Ventures, HBM Healthcare Investments, Omidyar Network, and Kae Capital also participated in the round.
The firm would be deploying funds to accelerate the expansion of its lab business to 100 cities and grow its online pharmacy business deep in tier II, III and IV cities. It will be also utilised in developing data science team and scale up digital doctors and AI health bots.
1mg has raised Series D round at a valuation of $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.
According to the company, 1mg has serviced over 70 million customers through its pharmacy, diagnostics and consultation verticals.
On the lines of other e-commerce firms, 1mg also launched private label last year. The firm wants to generate at least 10% revenue from its own line of products in the next 12 months. So far, its private label unit has a portfolio of seven products.
In FY18, 1mg had recorded over 800% rise in revenue to Rs 85.8 crore. The losses also soared to Rs 192 crore from Rs 58 crore in the preceding fiscal. It’s yet to disclose financials of last fiscal.
The Gurugram-based company competes with NetMeds and Pharmeasy while it considers Lybrate and Practo as competitors in e-consultation.
The development was reported by ET.