Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Bangalore-based Healthkart’s online drug search business 1MG has raised $15 Mn (INR 100 Cr) in Series B funding led by Maverick Capital Ventures.
Its existing investors Sequoia India and Omidyar Network also participated in the round. The Rainmaker Group was the exclusive advisor to 1MG Technologies for the transaction.
1MG was earlier called HealthkartPlus, the drug search business of Healthkart, an online vendor of health products. HealthkartPlus was spun off and 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.
Prashant Tandon, co-founder and CEO at 1MG said, “India has one of the highest populations of chronic patients in the world and yet access to quality and affordable healthcare is limited.”
The startup claims to have over 5 Mn+ app downloads and 25 Mn monthly page views coming from 2Mn unique consumers who use its services every month. According to its website, 1MG has a database of about 100,000 medicines with detailed information on their side effects and composition. It also allows consumers to do a price comparison among multiple brands of medicines with the same composition.
The company plans to use the newly raised capital to expand its digital health offerings, accelerate nationwide coverage of its e-pharmacy and e-diagnostic services, launch digital health products such as ‘Smart Prescriptions’ and a personalised ‘My Health Feed’; and engage more deeply with public and private healthcare programs.
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.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.