Sequoia Capital-backed online pharmacy 1mg has recently acquired Varanasi-based startup Dawailelo. The terms of the deal were not disclosed.
“We are very keen on building a pan-India presence rapidly,” said Prashant Tandon, CEO of Gurgaon-based 1mg, which is pushing to expand operations in tier-II and -III cities. “The team at Dawailelo has done a great job understanding the requirements of the customers and has created a unique model that has shown great promise for tier II and III cities.”
Founded by Aditya Agrawal (CEO) and Arpit Sarin (COO) in 2013, Dawailelo is a healthcare startup which helps people connect with medical stores, doctors, pathology labs through its website and app.
The startup has huge potential, realizing which Pixr8 covered their story while they were still in their cocoon.
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Agrawal is an MBA in marketing from Banaras Hindu University while Sarin has a bachelor’s degree in mechanical engineering.
Last February, Dawailelo had raised Rs 35 lakh (about $52,000) in seed funding from angel investors Madhu Gopinath, founder of Opus Group of Companies, and Naveen Nischal, director at Cygnus Medicare.
In a rapidly consolidating sector, 1mg, which recently raised about Rs 96.7 crore ($15 million) in Series C funds, has acquired multiple small players to aid its expansion plan.
Last year, it had acquired Medd, a marketplace for booking diagnostics and lab tests founded by IIT Bombay graduates. Later, 1mg acquired MediAngels for expansion into super speciality consultations, corporate health services and insurance partnerships. Also, competitor Netmeds had acquired Delhi-based rival company Pluss to expand operations in northern India.
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