[Funding alert] 1mg raises $70M in Series D funding round led by IFC, Corisol Holdings
1mg, the Gurugram-based healthtech platform, has raised $70 million in Series D funding round led by IFC (the investment arm of the World Bank) and Corisol Holdings, a European family office and the largest shareholder in Zur Rose/ DocMorris (Europe’s largest e-pharmacy).
The round also saw participation from a consortium of venture capital funds from South Korea, led by Redwood Global - Korea Omega Healthcare fund. 1mg's existing investors Sequoia Capital, Omidyar Network, Maverick Ventures, Kae Capital, and HBM Healthcare investments also participated in this round of funding.
The funding will be used to accelerate investments in 1mg's growth, supply chain and the company's healthcare AI. It also aims to personalise care management programmes and expand its ecosystem partnerships with hospitals, pharmas, government and insurance companies. The team will be looking at launching innovative online and offline care delivery models.
On the fund raise, Prashant Tandon, Co-founder and CEO, 1mg, said in a press statement,
“At 1mg, our vision is to make healthcare understandable, affordable, and accessible. With our strong medical expertise, deep technology background, and execution focus, we are committed to helping consumers manage their conditions better and live a healthier life. Our ability to attract top global investors reaffirms the strength of our business.”
Last year close to 70 million patients from across India accessed 1mg to get e-pharmacy, e-consultation, and e-diagnostic services, the platform stated.
Vanessa Frey, CEO of Corisol Holding AG, said:
“We have been extremely impressed by the vision and leadership team at 1mg. 1mg’s commitment to integrated services, backed by their technology and strong unit economics, has helped them achieve remarkable growth to become India’s largest digital health platform. We are excited to partner in 1mg’s vision to make affordable quality care accessible to Indians.”
Started in 2013 as Healthkartplus, 1mg was initially launched as a part of the Healthkart family. The initial seed money was used to set up the technology and resources to scale the business. However, 1mg now functions as a separate entity. One of the other prominent players is Sequoia-backed Practo. The e-pharmacy space is already crowded with players like Netmeds, mChemist, Medd, DeliMedi, CareOnGo, and MediDali.
Ruchira Shukla, Regional Lead, South Asia, Venture Capital, IFC said,
“Digital health can play an important role in addressing the country’s healthcare gaps and meeting its increasing demand for healthcare services. 1mg’s patient-centric integrated healthcare platform and tech-enabled business model will bring transparency and accountability to the pharmaceutical supply chain and diagnostics services. It will drive affordability of quality healthcare, particularly in Tier-II and Tier-III cities.”
In the past year, the team claims to have significantly expanded its offline operations. The platform currently runs one of the significant pharmaceutical distribution companies and lab logistics services in the country, and has deep ecosystem partnerships – its omnichannel platform offers cashless service deliveries to India’s top health insurance companies, and enables the “smart hospital” concept at some of the largest hospitals in northern India.