Online pharmacy marketplace 1mg has raised $15 million in a Series C round led by HBM Healthcare Investments, with participation from other existing investors Maverick, Sequoia India, Omidyar & Kae Capital. Note that this is HBM’s second investment into 1mg. The company did not mention where the fresh funds would be used for. However, HBM’s CEO Dr Andreas Wicki said that it decided to lead the current round for “pre-empting any need for the company to seek external capital and keeping the focus on continued growth.” 1mg competitor Practo raised $55 million for an international expansion in January this year. While raising funding from HBM last year, 1mg’s co-founder Prashant Tandon told MediaNama HBM could potentially connect it with healthcare companies anywhere in India or abroad. Currently, the company delivers medicines, prescription drugs, medical devices, personal care items, among others in metro cities and state capitals. It claims to have 20 million monthly visits to its platform and 9 million app downloads. It also provides online diagnostic service which allows users to schedule a lab technician visit for collecting blood samples. Results will be sent to the user via post and email. Other competitors in this space include Practo, Bookmeds, mChemist, Medidart, Medlife, Medstar, Netmeds, Pharmeasy, Zigy.com (PM Health & Life Care), SaveOnMedicals, Savemymeds among others. Previous Funding May 2016: 1mg had raised an undisclosed amount of additional funding (to its Series B funding) from HBM Healthcare for geographic expansion, upgrading technology, and for hiring fresh talent. April 2016: the company raised $15 million in Series…
