E-pharmacy startup 1mg Technologies has raised $15 million funding in Series C from a clutch of investors, led by global healthcare focused fund HBM Healthcare Investments.
This round of investment also saw participation from existing investors- Sequoia Capital, Maverick Capital Ventures, Omidyar Network and Kae Capital.
The funds raised will be used by 1mg to launch predictive healthcare and corporate wellness products.
“1mg was HBM’s first investment in a digital health platform in India and we are very encouraged about the prospects of the company, given the tremendous progress across all dimensions over the past year,” said Andreas Wicki, chief executive officer of Switzerland-based HBM Healthcare.
HBM had first invested in 1mg in May 2016 as a part of a top-up round following the series-B financing that was led by Maverick Capital Ventures. The company had raised $16 million in series-B funds in April last year.
“In our view, 1mg has created a unique platform in one of the fastest growing markets in the world, and this platform can be the foundation of India’s leading healthcare services business in the years ahead,” he said in a statement.
The new round takes the total capital raised by 1mg upwards of $36 million, with Maverick and Sequoia as the largest shareholders.
1mg is building a database and analytics infrastructure that will capture healthcare trends and consumer demand based on traffic and search patterns and “packaging it in a way that makes it actionable and share it with relevant entities”, Tandon said.