With this move, 1mg will enter the space of super speciality consultations, corporate health services, and insurance partnerships.
Talking about the acquisition, Prashant Tandon, CEO 1mg said, “Our consumers can now access a deep network of over 450 super specialists across India and the world, and we also get an entry into the corporate health space through this platform. We now offer a comprehensive suite of services to consumers as well as corporate customers which includes ePharmacy, eDiagnostics, eConsultations and Super Speciality Second Opinions as well.”
1mg, earlier called HealthkartPlus, the drug search business of Healthkart was rebranded and spun off into a separate entity as 1mg. The company operates an online marketplace for medicines apart from facilitating doctor’s appointment and diagnostic test booking.
MediAngels was founded in 2011 by Dr. Arbinder Singal and Dr. Debraj Shome. With more than 450 super specialist doctors on its team across 93 specialties, MediAngels claims to have seen a good number of cases in cardiology, cancers, neurosurgery, orthopedics, and pediatric subspecialties and traction from both metros and Tier II cities.
Arbinder Singal, founder of MediAngels added, “ Within the 1mg ecosystem, we plan to scale up second opinions and drive B2B engagements with more insurers and corporates. Our robust technology tools will help them optimise employee benefits spends on healthcare and to have a healthier workforce.”
1mg has been on an acquiring spree this year. Earlier in July 2016, it acquired Medd.in, a Mumbai-based platform for booking diagnostic and imaging tests. In April last year, 1MG had raised $6 Mn from Sequoia Capital, Intel Capital, Omidyar Network, and Deep Kalra (co-founder of travel portal MakeMyTrip). It also acquired an online homeopathic drug startup Homeobuy, which has been rebranded to 1MGAyush.
According to an IBEF report, the overall Indian healthcare market is poised at $100 Bn. It is expected to touch $280 Bn by 2020, growing at a CAGR of 22.9%. Other players in this space include NetMeds, CareOnGo, Practo, etc.