1mg, An Online Marketplace, Bagged $15 Million Funding From Its Current Investors
It’s raining investment situation in the Indian startup sector. Almost every sector in India has been strongly backed with loads of cash. On the other side, the trend of acquisition is motivating the businesses. So the overall startup industry seems to be in a better position compared to the previous year.
Coming on to the recent funding round, 1mg Technologies Pvt. Ltd., based in Gurgaon, which is an online drug marketplace has received a Series C funding of $15 Million (Rs 96.7 Crore) from its existing investors. The funding round was led by HBM Healthcare Investment from Switzerland. The investment in 1mg was the investor’s first round in digital health platform in the previous year. The funding round was carried out with the participation of other investors such as Kae Capital, Sequoia India, Maverick Capital Ventures, and Omidyar Network.
Andreas Wicki, CEO at HBM, said, “We concluded to dominate the current round and double down on the spending in the drug marketplace, preventing any requirement of external capital from other company and emphasizing on the constant growth.”
Matthew Kinsella, a partner at Maverick stated that 1mg is presently dominating in India and Maverick with all associated internal investors is eager to make sure that there is an adequate supply to unite its control in this huge market.
Speaking of its previous rounds, HBM invested in 1mg in the form of a top-up round of Series B funding. Further, with the participation of Omidyar Network and Sequoia Capital, the US-based Maverick Capital invested $15 Million in the form of Series B funding. Going back in 2015, 1mg, which was previously known as HealthKartPlus, had got $6 Million funding from Intel Capital, Kae Capital, Omidyar Network, Sequoia Capital, and the founder of MakeMyTrip, Deep Kalra.
The business model of 1mg is based on simple mobile and web-based platform that enables customers to select healthcare-related service such as doctor’s appointment and order medicines online. The company has recently launched a diagnostics-based service so that customers can do lab tests. The company has recorded more than 9 Million downloads, 65 Million page views per month, and 20 Million monthly visits.
The leading online drug marketplace has loads of competitors in the market such as Pluss, Medikoe, NetMeds, BigChemist, and mChemist. Players like Guardian Lifecare, and MedPlus that run Brick-and-mortar pharmacies also made their existence online. Recently, Practo Technologies Pvt. Ltd.,a platform for healthcare professionals and deals in web-based clinical management software, has also included an in-app feature that enables the user to order medicines from the nearby pharmacies in limited cities.