Company Name : 1mg
Funding Amount : Rs 100 Crore
Investor(s) Maverick Capital Ventures Sequoia India
Funding Round : Series B
Consumer health platform, 1mg has raised Rs100 crore in Series B investment led by Maverick Capital Ventures.
Existing investors Sequoia India and Omidiyar Network also participated in the current round of financing.
The investment will support 1mg in expanding its digital health offerings, accelerating the nationwide coverage of its e-pharmacy and e-diagnostic services, launching digital health products such as ‘Smart Prescriptions’ and a personalized ‘My Health Feed’; and engaging more deeply with public and private healthcare programs.
1mg has over 5 M+ organic app downloads and 25 M monthly page views coming from 2M unique consumers who use its services every month, claims the company. The company provides healthcare content and tools and also operates e-pharmacy and e-diagnostic network spread over many of India’s largest cities.
Prashant Tandon, CEO & co-founder, 1mg said, “1mg’s core mission is to help consumers understand their healthcare choices better. Our app allows customers to access knowledge about substitutes that can often save 80-90% on healthcare bills. Additionally our e-pharmacy platform enables users to transact and purchase these medicines and have them home delivered. Our more recently launched e-diagnostics service aims to bring a similar transparency to the lab tests market, providing a complete solution for consumers most common healthcare needs.”
The company previously raised funding from Sequoia India, Omidyar Network, Kae Capital and Intel Capital as part of HealthKart and was spun off in February 2015.