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1mg raises $15M from Maverick, Sequoia and Omidyar Network

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Online pharmacy marketplace 1mg (formerly known as HealthKartPlus) has raised Series B funding worth Rs 100 crore ($15 million) from Maverick Capital Ventures and existing investors Sequoia Capital and Omidyar Network, reports Mint.

1mg will use the funds to expand its online pharmacy and diagnostics, and launch digital health products like smart prescriptions and personalised health feeds, the report adds. The company claims that its app providers users info about substitutes and helps them save 80-90% on health care bills. It also states that its revenue grew 8x in the last 12 months.

Previous funding: In April last year, HealthKartPlus raised funding worth $6 million from Deep Kalra, founder of MakeMyTrip, Sequoia Capital, Omidyar Network, Intel Capital and Kae Capital, and rebranded itself to 1mg. It would use the funding for scaling up, expanding to other cities like Mumbai, Hyderabad, Chennai, Pune and Chandigarh by end of 2015. HealthKart and 1mg would function as separate entities.

Previously, both HealthKart and HealthKartPlus were run by Bright Lifecare, and HealthKartPlus functioned under 1mg Technologies. Towards the end of 2013, HealthKartPlus had expanded operations to Bangalore after serving in Delhi-NCR after their inception. HealthKart was founded by Prashant Tandon and Sameer Maheshwari in 2011 and lists health and personal care products for sale along with supplements. It launched the online generic drug search engine HealthKartPlus in 2012. Tandon heads 1mg while Maheshwari after HealthKart.

Previous developments:

– In July 2015, 1mg launched a diagnostic test booking service on its app and on a separate website in partnership with Metropolis, Oncquest, Thyrocare, Molecure, Wellness Pathcare and others. Other than booking an appointment, users could also receive their reports in a digital format, along with a hard copy.

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– In the same month, the company also launched a doctor discovery and appointment booking Android app called Doctors by 1mg, which then listed about 15,000 doctors in Delhi, Gurgaon, Noida, Faridabad, and Ghaziabad, across 230 specialties and 10,000 clinics.

– In June last year, 1mg acquired the alternate medicine website Homeobuy for an undisclosed amount. Post acquisition, Homeobuy was rebranded to 1mgAyush and would sell homeopathic and ayurvedic medicines to customers in New Delhi. Users could also use the platform to get in touch with the company’s homeopathic panel, which it claimed would provide users with an online prescription for their condition.

– In the same month, HealthKart launched a private label brand called Incredio, under which it offered a meal replacement shake and a honey lemon flavored tea. This was HealthKart’s second private label after MuscleBlaze, a protein supplements products brand.

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