Online pharmacy 1mg is raising INR 133 Cr ($17 Mn) in debt from existing investors MPOF Mauritius, MAF Mauritius, HBM Healthcare Investment, AG’s subsidiary KWE Beteiligungen and World Bank’s investment arm International Finance Corporation (IFC).
1MG was launched in April 2015 after HealthKart separated its generic drug search business, HealthkartPlus, and rebranded it as 1MG. The company has three business verticals — pharmaceuticals, labs, and doctors. Its founders include — Prashant Tandon, Gaurav Agarwal, and Vikas Chauhan. This year, the company has also received INR 20 Lakh in grant from Action Covid-19 Team (ACT) to tackle Covid-19 crisis in India.
According to DataLabs By Inc42+ estimates, the Indian healthtech market will contribute $21 Bn by 2025, which is still only 3.3% of the total addressable healthcare market which is pegged to reach $638 Bn in 2025. Startups competing with 1mg in the epharmacy space include PharmEasy, Netmeds.com, and Medlife.com. With its labs and doctors vertical, the company also competes with a slew of telemedicine startups such as Practo, Lybrate, MFine, and DocsApp.
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Exclusive: 1mg Looks To Raise $17 Mn Debt From Existing Investors
1mg's investors include IFC, HBM Healthcare Investments, KWE Beteiligungen and more The company had raised close to $70 Mn Series D round led by Corisol Holdings last year 1mg has also received INR 20 Lakh in grant from Action Covid-19 Team (ACT) to tackle the virus Online pharmacy 1mg is raising INR 133 Cr ($17 Mn) in debt from existing investors MPOF Mauritius, MAF Mauritius, HBM Healthcare Investment, AG's subsidiary KWE Beteiligungen and World Bank's investment arm International Finance Corporation (IFC).
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