The financial terms of the deal have been left undisclosed. As a part of acquisition, Homeobuy has been rebranded to 1MGAyush and will now deal in homeopathic, ayurvedic medicines and cosmetics.
1MG was recently separated from Healthkart’s parent company, Bright Lifecare Pvt. Ltd. and is now operated under 1MG Technologies Pvt. Ltd and is led by Prashant Tandon. The newly formed entity also raised over $6 Mn in funding from Healthkart’s existing and few new investors.
1MG has databased of over 100k medicines with detailed information regarding the prescribed medicines, substitutes, usage and diverts users to the nearest drug stores where it will be available. It also has a price comparison feature. The app has over than 1.5 Mn downloads.
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