1mg enables consumers to learn more about their medicines, find cost-effective substitutes; raises US$15M funding
Investors are HBM Healthcare Investments, Maverick Capital, Sequoia India, Omidyar Network and Kae Capital
1mg.com, an m-commerce platform for medicines and drugs in India, has closed US$15 million in a new financing round, led by Swiss VC firm HBM Healthcare Investments.
Existing investors including Maverick Capital Ventures, Sequoia India, Omidyar Network and Kae Capital also participated in the round.
HBM had made its initial investment in 1mg in May 2016, as a part of a top-up round following the Series B financing that was led by Maverick Capital.
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1mg (earlier HealthKartPlus) is a consumer health platform which claims to have over 9 million downloads, 20 million monthly visits and 65 million monthly page views. The platform enables consumers to learn more about their medicines and also find more cost-effective substitutes. 1mg’s doctor platform aims to revolutionise how a consumer finds the right healthcare professional for his needs.
The company recently launched diagnostics service brings transparency and price-effectiveness to lab tests.
Previously, 1mg secured US$6 million in funding at the time of rebranding, from Deep Kalra, Founder of MakeMyTrip, with participation from Omidyar, Kae Capital, and existing investors Intel Capital and Sequoia.
In June 2015, 1mg.com acquired Homeobuy, a web platform for homeopathic medicines, for an undisclosed sum.
HBM is among the global leaders in healthcare-focused investing with around US$1.5 billion under management. It focuses on development stage, growth and buy-out financings of private companies, as well as investments in public companies.
Image Credit: sherryyates / 123RF Stock Photo
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