Gurgaon-based online pharmacy platform 1mg has secured a $10.32 million Series D round financing. The fresh financing comes from South Korean investment firm Redwood Global Healthcare Fund. The round also saw participation from US-based venture capital firm PinPoint Ventures, NewFlight Co, ES Investor Co. Ltd, existing investor Kae Capital and individual investors Rubal Jain and Nikhil Kumar Srivastava.
With the current round capital, the total amount raised by the firm now stands at $93.4 million. Prior to this round, 1mg had picked Series C financing of $10.1 million last year in March from Maverick Ventures. The other backers of the firm include names like Sequoia Capital, Kae Capital, HBM Healthcare Investments AG, and others.
Prashant Tandon, Sameer Maheshwari, and Vikas Chauhan had founded the company in 2012 as an online pharmacy network and generic medicine engine where the patients or customers can get the details of the medicines prescribed by the doctors. Through the app of the company, patients can consult doctors and buy various healthcare products along with booking diagnostic services and lab tests.
The company claims to be having more than 10 million unique visitors on the platform every month. The firm has grown its base in e-consultation and labs business in the past 1 year. However, the 60% revenue of the company comes through the online medicine and health products.
PharmEasy, Myra and Netmeds are top competitors of 1mg who have picked up a significant amount of capital in recent times and are doing exceptionally well. With the fresh funds coming, 1mg can extend its reach from the other players.