1mg, India’s leading consumer health platform, has raised has raised an undisclosed amount of additional Series B funding from HBM Healthcare Investments AG, the company said in a statement. In April, the company raised Rs.100 crore in the Series B round from Maverick Capital Ventures, the venture capital (VC) arm of US-based hedge fund Maverick Capital Ltd, besides existing investors Sequoia Capital and Omidyar Network.
1mg initially raised $6 million from Sequoia Capital, Intel Capital, Omidyar Network and Deep Kalra, co-founder of travel portal MakeMyTrip.
The funding will help 1mg fend off competition from rivals such as Sequoia Capital-backed Practo Technologies Pvt. Ltd, which has so far raised $124 million from investors such as Tencent Holdings Ltd, Sofina SA, Google Capital and Altimeter.
“At this key stage of our growth, we are in good shape with a high quality team in place and our business is backed by the best investors in the business across technology, healthcare and digital health. With over 75 million annual visits on our platform already, we’ve a very good shot at changing healthcare for consumers at scale in India,” said 1mg founder and chief executive Prashant Tandon.
“As a focused investor in healthcare, we have been monitoring the interesting impact that technology is having in the space of healthcare delivery.We believe 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,” said Dr. Andreas Wicki, chief executive officer at HBM Healthcare Investments.
HBM focuses on development stage growth and buyout financings of private companies as well as investments in public companies. It has over $1 billion under management.
1mg has a database of about 100,000 medicines with detailed information on their side-effects and composition. It also allows consumers to do a price comparison among multiple brands of medicines with the same composition.
It is using the funds to expand online pharmacy and diagnostics vertical, and launch digital health services such as smart prescriptions and personalised health feeds for consumers. It also plans to expand its reach from the current 12 cities to 30 by March 2017, said Tandon.