Healthtech platform 1mg raises $70 million in Series D funding round
Opportunity India Desk
Jun 28, 2019 -
2 min read
Healthtech platform 1mg has raised $70 million in Series D funding round. The round has been led by IFC (the investment arm of the World Bank) and Corisol Holdings, a European family office and the largest shareholder in Zur Rose/ DocMorris (Europe’s largest e-pharmacy).
A consortium of venture capital funds from South Korea, led by Redwood Global, Korea Omega Healthcare fund also participated in the funding round. It has also seen participation from 1mg’s existing investors Sequoia Capital, Omidyar Network, Maverick Ventures, Kae Capital, and HBM Healthcare investments.
The fresh capital will be used for 1mg’s growth, supply chain and the company’s healthcare AI.
Prashant Tandon, Co-founder and CEO, 1mg, said, “At 1mg, our vision is to make healthcare understandable, affordable, and accessible. With our strong medical expertise, deep technology background, and execution focus, we are committed to helping consumers manage their conditions better and live a healthier life. Our ability to attract top global investors reaffirms the strength of our business.”
Vanessa Frey, CEO of Corisol Holding AG, stated, “We have been extremely impressed by the vision and leadership team at 1mg. 1mg’s commitment to integrated services, backed by their technology and strong unit economics, has helped them achieve remarkable growth to become India’s largest digital health platform. We are excited to partner in 1mg’s vision to make affordable quality care accessible to Indians.”
Ruchira Shukla, Regional Lead, South Asia, Venture Capital, IFC, added, “Digital health can play an important role in addressing the country’s healthcare gaps and meeting its increasing demand for healthcare services. 1mg’s patient-centric integrated healthcare platform and tech-enabled business model will bring transparency and accountability to the pharmaceutical supply chain and diagnostics services. It will drive affordability of quality healthcare, particularly in tier-ii and tier-iii cities.”
