Healthcare startup 1mg, based out of Gurugram, has secured $70 million (approx ₹540 crore) in Series D funding round led by IFC (investment arm of the World Bank) and Corisol Holdings.
The round also saw participation from a consortium of venture capital funds from South Korea, led by Redwood Global. The funding will be used to accelerate investments in 1mg’s growth, supply chain and the company’s healthcare AI.
It also aims to personalise care management programmes and expand its ecosystem partnerships with hospitals, pharmas, government and insurance companies. The team will be looking at launching innovative online and offline care delivery models.
“At 1mg, our vision is to make healthcare understandable, affordable, and accessible. With our strong medical expertise, deep technology background, and execution focus, we are committed to helping consumers manage their conditions better and live a healthier life. Our ability to attract top global investors reaffirms the strength of our business,” Prashant Tandon, co-founder and CEO, 1mg said.
1mg Technologies was founded out of Healthkart, a marketplace for nutrition products, in April 2015 to focus on online retail of medicines. It operates an online marketplace for medicines, besides facilitating doctor appointments and diagnostic test booking.
While, 1mg claimed that in 2018, around 70 million patients from across India acessed its platform to get e-pharmancy, e-consultation and e-diagnostic services.
Ruchira Shukla, Regional Lead, South Asia, Venture Capital, IFC said, “Digital health can play an important role in addressing the country’s healthcare gaps and meeting its increasing demand for healthcare services. 1mg’s patient-centric integrated healthcare platform and tech-enabled business model will bring transparency and accountability to the pharmaceutical supply chain and diagnostics services. It will drive affordability of quality healthcare, particularly in Tier-II and Tier-III cities.”
1mg’s existing investors are Sequoia Capital, Omidyar Network, Maverick Ventures, Kae Capital, and HBM Healthcare investments also participated in this round of funding.
Other prominent players in the e-pharmacy sector constitutes Practo, Netmeds, mChemist, Medd, DeliMedi, CareOnGo, and MediDali.