Total amount raised
$230.8 Millions
Latest funding date
9/1/2022
Location
1mg has successfully raised funds through multiple rounds, attracting investments from 22 different investors, including MPOF Mauritius and Elev8 Venture Partners. The company was acquired by Tata Digital on June 10, 2021, marking a significant milestone in its growth journey.
Keep reading to explore the intricacies of 1mg's fundraising journey and the investors backing this innovative healthcare platform.
What Is 1mg?
1mg, founded in 2015, is a digital consumer healthcare platform based in Gurgaon, Haryana, India. The company was established by Akash Deep Singhal, Gaurav Agarwal, Prashant Tandon, and Vikas Chauhan.
1mg offers a comprehensive range of services, including an online pharmacy, diagnostic lab tests, and online doctor consultations. The platform also provides specialized care for cancer patients and subscription-based care plans.
With a workforce of 1001-5000 employees, 1mg aims to make healthcare accessible, understandable, and affordable for its users.
How Much Funding Has 1mg Raised?
- Amount Raised: $12.2M
- Date: July 1, 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand its online pharmacy services and enhance its technological infrastructure.
- Amount Raised: $15M
- Date: July 26, 2017
- Lead Investors: HBM Healthcare Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and improve service offerings.
- Amount Raised: $10.1M
- Date: March 1, 2018
- Lead Investors: Maverick Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance its diagnostic services and expand its market reach.
- Amount Raised: Not publicly disclosed
- Date: January 1, 2019
- Lead Investors: InnoVen Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and growth initiatives.
- Amount Raised: $10.3M
- Date: April 5, 2019
- Lead Investors: Redwood Global Healthcare Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand its product offerings and improve customer experience.
- Amount Raised: $70M
- Date: June 28, 2019
- Lead Investors: Corisol Holding AG, International Finance Corporation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale its operations and enhance its technological capabilities.
- Amount Raised: ₹710M
- Date: January 31, 2020
- Lead Investors: Bill & Melinda Gates Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support its mission of making healthcare accessible and affordable.
- Amount Raised: $17.8M
- Date: July 3, 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance its service offerings and expand its market presence.
- Amount Raised: $13.3M
- Date: April 19, 2021
- Lead Investors: Tata Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expansion before Tata Digital's acquisition.
- Amount Raised: $40M
- Date: September 6, 2022
- Lead Investors: Tata Digital
- Valuation at Round: $1.25 billion
- Motivation Behind the Round: To solidify its position in the competitive e-pharmacy market.
Total Amount Raised: $189.7M
Current Valuation: $1.25 billion
Key Investors
- Tata Digital
- Details: Tata Digital is a subsidiary of Tata Sons, focusing on digital and technology-driven businesses. It acquired a majority stake in 1mg in June 2021.
- Investment Focus Areas: Digital health services, consumer technology, e-commerce.
- Notable Investments: 1mg, Curefit.
- HBM Healthcare Investments
- Details: HBM Healthcare Investments is a global healthcare investment firm. It specializes in investing in private and public companies in the healthcare sector.
- Investment Focus Areas: Biotechnology, medical technology, healthcare services.
- Notable Investments: Harmony Biosciences, Cathay Biotech, 1mg.
- Bill & Melinda Gates Foundation
- Details: The Bill & Melinda Gates Foundation is a private foundation founded by Bill and Melinda Gates. It aims to enhance healthcare and reduce extreme poverty globally.
- Investment Focus Areas: Global health, education, poverty alleviation.
- Notable Investments: Gavi, the Vaccine Alliance, 1mg, CureVac.
- Corisol Holding AG
- Details: Corisol Holding AG is a private investment company based in Switzerland. It focuses on long-term investments in various sectors.
- Investment Focus Areas: Healthcare, technology, real estate.
- Notable Investments: 1mg, Molecular Partners, Kuros Biosciences.
- MPOF Mauritius
- Details: MPOF Mauritius is an investment entity based in Mauritius. It has participated in multiple funding rounds for 1mg.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: 1mg.
What's Next for 1mg?
1mg stands at the cusp of significant growth opportunities, driven by the expanding online pharmacy market and increasing demand for digital health services. With Tata Digital's backing, 1mg can leverage its resources to enhance its technological infrastructure and expand its service offerings, including diagnostics and telemedicine. The potential for further market penetration, especially in underserved regions, presents a substantial opportunity for revenue growth.
Future fundraising rounds are likely as 1mg aims to scale its operations and fend off competition from other well-funded health tech startups. Attracting global investors interested in the booming e-pharmacy sector could provide the necessary capital to support these ambitious plans. However, the company must navigate regulatory challenges and ensure data privacy and security to maintain customer trust.
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