Epharmacy Firm 1mg Gets $15 Mn funding Boost

Connectivity has led to innovation in all fields of the society including the medical services taking it the next level in health care sector. The basic need addressed here is ‘EASY ACCESSIBILITY’ to one and all irrespective of the location.

1mg earlier called as HealthKartPlus was rebranded and spun off into a separate entity in April 2015. It is an online marketplace for medicines apart from the facilities to book doctor’s appointment and diagnostic test booking.

From August 2015, 1mg started its door to door sample collection facility for the users and offered a number of tests with a partnership with pathology labs such as Dr. Lal Path Labs and SRL Diagnostics. In August 2016, online consultations service was launched where in patients can seek doctors advice on the 1 mg app.

Now in Series C funding, the epharmacy startup has raised $15 Mn from HBM Healthcare Investments along with existing investors Sequoia India, Maverick Capital Ventures, Omidyar Network and Kae Capital. To date, the startup has raised $37 MN funding altogether.

Their future plans are to get into predictive and personalized healthcare. They are planning to expand online diagnostics and consultation services to towns and cities and also to introduce corporate wellness for the workforce and outpatients insurance facilitation for insurance companies.

The company has acquired Medd.in, Homeobuy and MediAngels and are directly competing with Practo who are expanding their services rapidly.

With the government regulations for epharmacy in place and with the financial backing from the investors 1mg is headed in the direction which is going to change the scenario of diagnostics and consultations for the good thereby erasing the waiting queues which were the norm till now.

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