1mg has acquired Medd.in (HolaMed Healthcare Technologies Pvt Ltd), a platform which allows users to book diagnostic imaging tests for an undisclosed amount. With the acquisition, Medd.in founders Arpit Kothari, Anurag Mundhada and Era Dwivedi have joined 1mg. Medd.in, founded in 2015, operates across Mumbai, Indore, Bhopal, Nagpur, Bangalore and Jaipur. Its application allows users to compare test labs for quality, services and costs, and its website says it is offering a 50% discount on diagnostic tests such as blood tests, X-Ray, CT Scan and MRI. It had raised $150,000 in October 2015, as a part of a bridge round. The company had raised seed funding from Ajeet Khurana according to VCCircle.
Ankur Gigras joins to head diagnostics business
This acquisition gives 1mg a core team for its diagnostics business, along with the appointment of Ankur Gigras, who joins from Abbott Nutrition, where he was Marketing Head for Gastroenterology. Gigras will be responsible for overseeing the Diagnostics Business. He holds an MBA from Stanford GSB and a B-Tech from IIT, Madras. He has worked with McKinsey, Investment Bank William Blair and Abbott Nutrition (where he helped executing their growth strategy in India) in the past.
1mg has tie-ups with diagnostic labs across 23 cities, allowing users to book at-home sample collection and receive their test results online, via the app or through post. 1mg also provides doctor appointments, though the core of its business is delivering medicines. Do read our interview with 1mg founder Prashant Tandon.
1mg claims to have 6 million app downloads and 80 million annual visits on its platform. It has recently raised over Rs 100 crore in Series B funding led by Maverick Capital Ventures, with participation from existing investors Sequoia India and Omidyar Network. It also raised an additional funding from HBM Healthcare Investments AG, a global fund catering exclusively to the healthcare sector.