Healthkart Separates & Rebrands HealthkartPlus To 1MG, Gets $6 Mn For The Newly Formed Entity

Gurgaon based ecommerce platform for health products, Healthkart.com has separated its generic drug search business HealthkartPlus and has rebranded it to 1MG which will be operated under 1MG Technologies Pvt. Ltd. The company said, that it has raised over $6 Mn for its newly formed entity. Its existing investors and few new investors including Deep Kalra of MakeMyTrip has also joined in this round of funding.

Uptil now, Healthkart.com and HealthkartPlus were run by Bright Lifecare Pvt. Ltd.

Healthkart was founded by Prashant Tandon and Sameer Maheshwari in 2011 and has raised close to $22.5 Mn till date in three round of funding. While, 1MG will be headed by Prashant, on the other side, Sameer will continue to look after Healthkart.com.

1MG, currently has a database of about 100k medicines with detailed information regarding the prescribed medicines, substitutes, usage and also direct users to the nearest drug stores where it will be available. It also has a price comparison feature.

“1MG has seen tremendous organic growth to become the largest mobile health platform for consumers in India. We currently have over 1.5 Mn downloads and continue to grow fast. We feel that with this dedicated focus, we will now be able to scale 1MG and make it the primary health app on every smartphone in India,” Prashant Tandon said.

Meanwhile, Healthkart.com, is looking to raise over $20 Mn, the company will now focus on fitness and nutrition business and plans to exit other categories such as beauty, personal care, baby care and eye care.

The sudden rise of services marketplace, has led the company to launch a fitness services marketplace where it plans to offer gym memberships, services from gym, yoga trainers etc. It will also be launching a meal replacement (nutrition shakes) brand in the coming 3-4 months. Healthkart also connects various pharmacy in Delhi and Bengaluru, and is further looking to expand into Mumbai, Hyderabad, Chennai, Pune and Chandigarh by the year end.

Healthkart’s investors include Sequoia, Intel Capital, Kae Capital and Omidyar Network.

Health products market is expected to grow at CAGR of 15% and touch $158.2 Bn in 2017.

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