1mg to accelerate investments in growth, supply chain & AI/ML driven care
$70m infusion to extend its lead as India’s number one health platform
1mg, India’s leading integrated healthcare platform, has announced the close of its latest $70m fundraise with participation from IFC (Investment arm of the World Bank). The financing round was led by Corisol Holdings, a European family office and largest shareholder in Zur Rose/ Doc Morris (Europe’s largest e-pharmacy). The financing round also received strong participation from a consortium of venture capital funds from South Korea, led by Redwood Global – Korea Omega Healthcare fund. Existing investors Sequoia Capital, Maverick Ventures, HBM Healthcare investments, Omidyar Network & Kae Capital also participated in the round.
Last year, over 70m unique patients from across India accessed 1mg to get ePharmacy, eDiagnostics and eConsultation services along with the gold standard healthcare information leading to over 2.5 Billion annual page views. As a clear leader in India’s healthcare startup ecosystem, the company is set to further extend its lead in the e-healthcare market.
Prashant Tandon, CEO of 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 re-affirms the strength of our business. We are thrilled to welcome Corisol Holding AG, IFC and our other investor partners to the 1mg family.”
1mg intends to use the funds to accelerate investments in its growth, supply chain and healthcare AI. It aims to personalise care management programs and expand its ecosystem partnerships (hospitals, insurance, pharma & Government) to launch innovative care delivery models, both online and offline.
Vanessa Frey, CEO of Corisol Holding AG, said “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, said, “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-2 and tier-3 cities.”
In the past year, 1mg has significantly expanded its offline operations – it runs one of the significant pharmaceutical distribution companies and lab logistics services in the country, and has deep ecosystem partnerships – its omnichannel platform offers cashless service deliveries to India’s top health insurance companies and enables the “smart hospital” concept at some of the largest hospitals in Northern India.