Mavericks! .₹ 100 cr for 1mg Booster Shot
A roundup of the top funding stories from the startup world Maverick Capital Ventures leads funding round in online pharmacy
Bengaluru: Online pharmacy 1mg has raised .₹ 100 crore in funding led by Maverick Capital Ventures, the venture capital fund affiliate of New York-based hedge fund Maverick Capital.
Existing investors Sequoia India and Omidyar Network also participated in the Series-B investment, which was spun off from pioneering health products startup HealthKart.com last year.
“The capital will be largely used for three things: One, we are expanding our footprint to more cities in India. Right now we are in 10-12 cities; we plan to go to 30 cities by the end of this year,” said CEO Prashant Tandon. “Two, there is going to be significant investment in product and we are going to build a lot more digital health tools for consumers. Three, we are looking into new business lines.” 1mg offers information on medicines so buyers can select from similar drug combinations and be aware of potential side effects. The startup also allows users to book appointments with doctors and schedule lab tests at home. 1mg now wants to offer
more personalised and targeted healthcare to consumers.
“We have evaluated and invested in leading digital health companies across the globe and are extremely impressed by what 1mg has achieved,” Matthew Kinsella, managing director at Maverick Capital Ventures, said in a statement. 1mg had previously raised funds from Sequoia India, Omidyar Network, Kae Capital and Intel Capital as part of HealthKart. The company has more than five million mobile app downloads and two million consumers using its services every month.