Within just a month of raising Rs. 100 crore in its Series B round, 1mg Technologies — the online generic drug marketplace that spun off from Healtkart, has today announced that it has raised additional funding in the same round from HBM Healthcare Investments AG.
Last month, the company had raised Rs. 100 crore from Maverick Capital Ventures, Sequoia Capital and Omidyar Network to expand the online pharmacy and diagnostics verticals as well launch digital health products such as smart prescriptions and personalized health feeds for consumers.
HBM Healthcare Investments AG, which invested money in this round, is focused on development stage growth and buyout financing of private companies as well as investments in public companies. It has assets worth over $1 billion under management.
Commenting about this funding round, Dr. Andreas Wicki, chief executive officer at HBM Healthcare Investments, said,
As a focused investor in healthcare, we have been monitoring the interesting impact that technology is having in the space of healthcare delivery.We believe 1mg has created a unique platform in one of the fastest growing markets in the world, and this platform can be the foundation of India’s leading healthcare services business in the years ahead.
1mg founder and chief executive Prashant Tandon said,
At this key stage of our growth, we are in good shape with a high quality team in place and our business is backed by the best investors in the business across technology, healthcare and digital health. With over 75 million annual visits on our platform already, we’ve a very good shot at changing healthcare for consumers at scale in India.
This new funding round will help the company to step over its competitors in this segment which includes the likes of Practo, Netmeds, Care24, Remidio, Zigy, etc. With $124 million funding so far, healthcare platform Practo remains among the most heavily funded startups in the segment.
The company, which operates an online marketplace for medicines, also provides a platform for facilitating medical appointments and diagnostic test bookings. It claims to have database of about 100,000 medicines with detailed information on their side-effects and composition. Consumers can compare prices of medicines with same compositions but different brands.
Last year in April, 1mg technologies had raised $6 million from Sequoia Capital, Omidyar Network, and Deep Kalra. At that time, the was rebranded from Healthkart Plus to 1Mg technologies and separated from Healthkart.com – an online vendor of health products.
While Prashant Tandon, who was one of the founders of Healthkart, took charge at 1mg, co-founder Sameer Maheshwari continues to head Healthkart.