Generic drug search engine 1mg was previously known as HealthKartPlus, had raised $6 million from Sequoia Capital, Kae Capital, Intel Capital, Omidyar Network and MakeMyTrip founder Deep Kalra in April 2015.
Online drug marketplace 1mg, operated by Gurgaon-based 1mg Technologies Pvt Ltd, has secured funding from Swiss investment firm HBM Healthcare in an addition to its recently closed Series B round.
This is HBM’s first direct investment in a digital health company in India, reported mediapersons.
Last month, the company raised $15 million (Rs100 crore) in a Series B round led by Maverick Capital Ventures, the venture capital arm of US-based hedge fund Maverick Capital and existing investors Sequoia Capital and Omidyar Network.
“All companies in the healthcare domain are looking for innovative platforms to partner with and to connect better with their consumers. However, very few platforms have managed to achieve the consumer engagement at scale like 1mg,” said Andreas Wicki, CEO, HBM Healthcare.
The startup had previously raised $6 million (Rs 32 crore) from Sequoia Capital, Kae Capital, Intel Capital, Omidyar Network and MakeMyTrip founder Deep Kalra in April 2015.
HBM is a healthcare-focused investor with around $1 billion under management. It focuses on development and growth stage funding as well as buyout financing of private companies. It also invests in public companies.
1mg founder Prashant Tandon said that the company records about 75 million annual visits on its platform.
The company competes with NetMeds, mChemist, Pluss, Medikoe and BigChemist. Brick-and-mortar retail pharmacies such as MedPlus and Guardian Lifecare have also entered the online segment. Practo Technologies Pvt Ltd, which sells web-based clinical management software and runs a listing platform for healthcare professionals, recently, added an in-app feature that allows users to order medicines from brick-and-mortar pharmacies in Bengaluru.
In April, Careongo Technology Pvt Ltd, which runs a chain of co-branded online pharmacies, raised an undisclosed amount in a pre-Series A round of funding from Farooq Oomerbhoy of FAO Ventures and a group of other investors.
In October 2015, Netmeds received investment commitment of $50 million (Rs 325 crore then) from healthcare-focused global private equity firm OrbiMed and other investors.