1mg plans to expand into 30 cities with the received funding
Earlier know as HealthKart Plus, 1 mg received addition funding in series c from HBM Healthcare.
In April 2016 1mg received a funding of Rs 100Cr from Maverick Maverick Capital Ventures. Sequoia India and Omidiyar Network also took part in this series B funding. This fund was needed to develop the new digital initiatives of Smart Prescriptions’ and a personalized ‘My Health Feed’.
Dr Andreas Wicki, CEO, HBM Healthcare Investments, in a press statement said that HSB has been monitoring the healthcare space and how technological disruptions can impact this sector. HSB is a global healthcare focused investment firm with a fund size of around $1 billion. They are focused on development stage, growth, and buy-out financials of private companies.
1mg started off under the umbrella of HealthKart in 2013. It used the initial seed fund for technology and resources to became the “Wiki” for healthcare. Later it became a separate entity.
Where will the new fund be used?
Prashant Tandon, Founder & CEO of 1mg said that they would be focusing more on their transactional business of pharmacy, diagnostics, AYUSH, and online doctor consultations. They are already present in 12 cities of India and are looking to expand into 30 more cities including Tire 2 & Tire 3. Prashant also added that they will invest more into product, technology, and analytics.
Smart Prescription will help individuals understand their health concerns and manage them well. My Health Feed will store historical data of individuals to help them track their doctor visits, medicines prescribed, relapses, and even revisits. It is like a timeline of all the doctor interactions. Apart from these they are also focused on engaging more deeply in several public programmes like the ‘Jan Aushadi Yogana.’
1mg claims to have 75 million annual visits with more than 5.5 million app downloads. They have competition in specific segments but not direct. These statistics show that this is a widely used app for healthcare information seekers.
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