1mg Technologies, an online pharmacy and healthcare services start-up, has announced that it has raised around ₹100 crore ($15 million) in its Series C round of funding.
The round is led by HBM Healthcare Investments AG, with participation from existing investors Maverick Capital Ventures, Sequoia India, Omidyar Network and Kae Capital.
The fund raised in the current round will be used to launch predictive healthcare and corporate wellness products. It will also use the money to expand its operations.
Prashant Tandon, CEO of the company, said,
We are growing double digits month-on-month.The funding is largely towards growth and building some key teams with regards to data analytics. 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.
Andreas Wicki, chief executive officer of Switzerland-based HBM Healthcare, said,
1mg was HBM’s first investment in a digital health platform in India and we are very encouraged about the prospects of the company, given the tremendous progress across all dimensions over the past year. 1mg has created a unique platform in one of the fastest growing markets in the world, and this platform can be the foundation of India’s leading healthcare services business in the years ahead.
The new round takes the total capital raised by 1mg upwards of ₹230 crore ($36 million), with Maverick and Sequoia as the largest shareholders.
1mg was started off as an online marketplace for generic drugs. It was re-branded and spun off from healthcare startup Healthkart last year. Healthkart is now owned and operated by Bright Lifecare, and focuses primarily on the fitness and nutrition segments. It continues to be run by Sameer Maheshwari, who had co-founded the company with Prashant Tandon in 2011.
The pharmacy, available on web and mobile, also provides a platform diagnostics services to consumers. The company, which is led by Healthkart founder Prashant Tandon, competes with the likes of Netmeds and Practo Technologies, across segments.