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

The Economic Times - - Disruption: - J.Vig­nesh@ times­group.com

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.

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