Digital health platform, 1mg has raised an additional investment from HBM as a part of its recently closed Series B round of funding.
HBM is among the global leaders in healthcare-focused investing with around $1 Bn under management. HBM focuses on development stage, growth and buy-out financings of private companies as well as investments in public companies. This is HBM’s first direct investment in a digital health company in India.
Prashant Tandon, Founder 1mg said, “At this key stage of our growth, we are in good shape with a high quality team in place and our business backed by the best investors in the business across technology, healthcare and digital health. I believe we have the opportunity to transform healthcare in India and make it better for all consumers. With over 75 Million annual visits on our platform already, we have a very good shot at changing healthcare for consumers at scale in India”.
According to Dr Andreas Wicki, CEO, HBM Healthcare Investments, “As a focused investor in healthcare, we have been monitoring the interesting impact that technology is having in the space of healthcare delivery. We believe 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. All companies in the healthcare domain are looking for innovative platforms to partner with to connect better with their consumers – very few platforms have managed to achieve the consumer engagement at scale like 1mg has done”
1MG was earlier called HealthkartPlus, the drug search business of Healthkart but was later in a spun off, it was rebranded into a separate entity as 1MG. The company operates an online marketplace for medicines apart from facilitating doctor’s appointment and diagnostic test booking. As per the company, 1mg has garnered over 5.5 Mn downloads and receives over 75 Mn annual visits.
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.