The Gurugram-headquartered online pharmacy 1mg has closed $70 million in Series D funding.
New Delhi: World Bank investment entity IFC and European family office Corisol Holdings are the lead investors in 1mg funding round. A group of VCs led by Redwood Global – Korea Omega Healthcare fund also participated in the Series D round. 1mg’s existing investors Sequoia Capital, Omidyar Network, Maverick Ventures, Kae Capital, and HBM Healthcare investments also participated in this round.
According to market researcher RedSeer Consulting, India’s online pharmacy business is witnessing heightened competition among major four players 1mg, MedLife, Netmeds and PharmEasy who together control 90% of the market. mChemist, Medd, DeliMedi, CareOnGo, and MediDali also competes in the same space.
Besides pharmacy, diagnostics and consultation businesses, 1mg is focusing on private labels and already launched seven products. Founders of 1mg include Gaurav Agarwal, Vikas Chauhan, and Prashant Tandon.Prashant Tandon, CEO of 1mg, expects the new funding will help the company to further expand labs business to 100 cities, e-pharmacy business to tier-III towns and villages, and grow its data science team to build new products such as a digital doctor and AI health bots.
“In terms of geographic coverage, we want to have a comprehensive coverage of all of India. Besides setting up the supply chain, logistics and infrastructure, we are expanding our partnership to make this happen,” he said.The company began its operations as Healthkartplus in 2013. It was part Healthkart family and served over 70 million patients till now.