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Mar, 05 2019

1MG Technologies looks to raise $70 million

One of the investors would be International Finance Corporation (IFC), the private-sector investment arm of the World Bank.

1MG Technologies, the digital healthcare platform, is planning to raise around $70 million. One of the investors would be International Finance Corporation (IFC), the private-sector investment arm of the World Bank.

IFC said the proposed equity investment will be part of the Gurugram-based company's $70 million fund raise.

IMG Technologies has already been backed by Maverick Ventures, Sequoia Capital, Corisol Holdings AG, HBM Investments and Omidyar Network.

Presently, 1mg is operating as an online marketplace for sale and purchase of pharmaceutical products, wellness products and fast-moving consumer goods by various third-party pharmacies and manufacturers. The platform further offers diagnostic services and online medical consultancy services.

1MG Technologies was founded in 2011 by Prashant Tandon, Vikas Chauhan and Gaurav Agarwal. The platform claims to have over eight million unique users every month.

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