1mg is Raising $35 Mn at $200 Mn Valuation

1mg is raising $35 Mn

1mg Technologies PVT. Ltd., a Gurgaon-based online pharmacy is now in talks to raise around INR 248.63 crore in a fresh funding round from some new and existing investors. 1mg runs an eponymous online phramacy.

According to the company report, new investor Corisol Holdings AG, a Switzerland-based family office, is leading the round. The company made the investment through its wholly-owned subsidiary KWE AG.

Apart from this, some of the existing investors like Omidyar Network and the Swiss Healthcare -focused investment firm HBM Healthcare Investments will also invest in this round.

Sequoia has already made its investment, the report has revealed. On the other hand, Kae Capital, one of the existing investors of 1mg is expected to sell its entire stake in 1mg in this funding round.

According to an estimate by TechCircle, the company has till now raised $35 Million at an estimated valuation of $200 Million.

Founded by Prashant Tandon, Gaurav Agarwal, and Vikas Chauhan in the year 2011, 1 mg was previously known by the name of HealthKart Plus. The online pharmacy allows customers to order medicine, consult doctors, purchase health products, and also book lab test and diagnostics services.

Picture Credits: 1mg