1mg Technologies, an online pharmacy and digital healthcare service provider, has announced the acquisition of Mumbai-based MediAngels for an undisclosed amount in a cash and stocks deal.
With this acquisition, 1mg will now enter into the space of specialty doctor consultations, corporate health services, and insurance. As a part of this acquisition deal, the entire team of 12 at MediAngels will now join 1mg Technologies.
This is the second acquisition by 1mg Technologies in the current year. Earlier, the company had acquired diagnostics and imaging tests marketplace Medd for an undisclosed amount.
Commenting on this investment, 1mg’s co-founder Prashant Tandon said:
Our consumers can now access a deep network of over 450 super specialists across India and the world, and we also get an entry into the corporate health space through this platform.
Arbinder Singhal, co-founder of MediAngels, said:
Within 1mg ecosystem, we plan to scale up second opinions and drive B2B engagements with more insurers and corporates. Our robust technology tools will help them optimize employee benefits spends on healthcare and to have a healthier workforce.
Prashant Tandon of 1mg said that Arbinder will drive the corporate relations and the doctor specialist network and will be responsible for building the network in line with the online platform, expanding B2B by also offering online pharmacy, diagnostics and doctor consultation and not only second opinion.
MediAngels was founded in 2011 by Arbinder Singhal and Debraj Shome. It is a platform for patients to seek online consultations for specialized medical cases in cardiology, cancer, neurosurgery, orthopedics, and pediatrics, among other areas, from its network of doctors covering 93 specialties.
In October 2014, the company had raised $1 million in its seed funding round from Ventureast. In September last year, the company was said to be in the process to raise around $5 million funding for expanding its business.
1mg started off as an online marketplace for generic drugs. It was rebranded and spun off from healthcare startup Healthkart last year. It had raised $6 million in Series A from a group of investors. It recently raised its Series B round funding of 100 crores from Maverick Capital Ventures with participation from previous investors.
By acquiring Medd, 1mg forayed into the diagnostics segment, and now, with MediAngels, it is looking to enter into the B2B segment. With a presence in online doctor consultations, e-pharmacy and diagnostics space, 1mg will now compete with many different players, the most prominent ones being Practo.
