Medd, a marketplace for booking diagnostic and imaging tests that allows its customers to compare among the best labs and hospitals around them, book home tests, and saves all the reports on one’s phone has been acquired by Sequoia Capital backed online pharmacy 1 mg.
1mg is India’s leading consumer health platform with over 5.4 Million downloads. It aspires to be the trusted health partner for all Indians and its mission is to make healthcare accessible, understandable and affordable for a billion Indians. It enables consumers to learn more about their medicines and also find more cost-effective substitutes. 1mg’s doctor platform aims to revolutionize how a consumer finds the right healthcare professional for his needs. It’s recently launched diagnostics service brings transparency and price-effectiveness to lab tests. 1mg is an initiative taken in the spirit of public service with a vision to empower Indian consumers and caregivers to select the most appropriate healthcare service at the best possible price.
Medd, which operates across Mumbai, Indore, Bhopal, Nagpur, Bengaluru and Jaipur, was cofounded by IIT-Bombay graduates Arpit Kothari and Anurag Mundhada and Carnegie Mellon graduate Era Dwivedi in 2015. All of them have now joined the 1mg team.
With this acquisition, 1mg is expanding to offer a service for booking of imaging tests such as X-rays, CT Scans and MRIs. Diagnostics is a $5-8 billion industry in India making up for 25% of the total pharmacy business. 1mg, which currently offers these services across 23 cities, is hoping to cover over 30 more cities this year with diagnostics and grow the total contribution of diagnostics in its revenues from 15 to 25%. The company claims to offer consumers 40-60% savings on lab tests by using the 1mg platform.
Prashant Tandon, CEO at 1mg while talking about the development mentioned,
“Diagnostics is a huge opportunity within ecommerce since there are more than 100,000 diagnostics labs with very few scale players. Consumer experience is also not satisfactory with issues like requirements of advance bookings, lack of transparency in pricing across labs,”