Online Pharma Firm 1mg Raises $35 Million From Corisol Holding AG And Others

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Gurgaon based online pharmacy firm 1mg has secured $35.31 million in a fresh round of investment from a clutch of backers that includes few new and existing ones as well. As per the latest RoC filing of the firm, the round was led by Switzerland-based family office of Corisol Holding AG which made the transaction through their wholly-owned subsidiary KWE Beteiligungen AG.

Sequoia Capital India, Omidyar Network and Swiss healthcare-focused investment firm HBM Healthcare Investments, the existing backers of the firm also are set to infuse more capital. Interesting, Kae Capital, one of the backers has decided to sell their entire stake in the firm. The company was initially launched as Healthkart Plus during the inception. The app of the company allows customers to order medicines, fix appointments with the doctors, book diagnostic services and lab tests.

It has partnered with a number of pharma companies in order to offer patient support programmes to corporate consumers. SRL Diagnostics and Dr. Lal Path Labs are few of the pathology labs who after partnering with 1mg are collecting various samples door-to-door If requested. The company claims to get 8 million unique visitors on their platform every month. It also claims that 60% of the revenue for the firm comes from the online medicine sales.

PharmEasy, Myra and Netmeds are few of the players in the segment who have racked up a decent amount in investment in recent times. While 1mg has been retaining their position at the top, the others are right up there challenging the firm with different offers and features.

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