Gurgaon-based e-pharmacy marketplace 1mg has raised Rs 100 crore Series B investment led by Maverick Capital Ventures. Existing investors Sequoia India and Omidyar Network also participated in the current round.
The funding will be used towards expansion of its offerings, and accelerate the presence of its e-pharmacy and e-diagnostic services.
The platform will also be launching digital health products like smart prescriptions and a personalised health feed. With these products, the team aims to help individuals understand their health concerns and manage it well.
Launched in 2013 as Healthkartplus, 1 mg has come a long way. It aims to be the one health app for all consumers in India. Now, the venture boasts of over two and a half million app downloads and over three million monthly visits. It claims to have grown by 600% over the last year in terms of app downloads and user engagement.
Prashant Tandon, CEO and Co-Founder, 1mg says that with their app, customers can now easily access knowledge about different medicine substitutes and can even save close to 80 per cent of their healthcare bills. This, he says, coupled with the e-pharmacy platform, helps users transact and purchase medicines with ease. Their more recently launched e-diagnostics services aim to bring transparency and simplicity to the lab-testing markets.
Speaking of the investment, the lead investor Matthew Kinsella, Managing Director at Maverick Capital Ventures said that they are impressed by what 1mg has achieved. He added that in India, they believe the platform to be a clear leader in the healthcare space with great engagement metrics. The team at 1mg will also be focussed on engaging more deeply in several public programmes like the ‘Jan Aushadi Yogana.’
Last year, 1mg had entered the alternate medicine space (AYUSH) with the acquisition of Homeobuy, a web platform for homeopathy medicines. 1mg re-branded the website from Homeobuy.com to 1mgAyush.com and made homeopathic & ayurvedic medicines available to customers in the National Capital Region (NCR).