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1mg raises $70 mn funding round from Corisol Holdings

1mg Technologies Pvt Ltd, which is a Gurgaon based startup that operates an eponymous online pharmacy, has now secured $70 Million in its series D round of funding led by the Corisol Holdings.

International Finance Corp and a consortium of venture capital funds from the South Korean led by the Redwood Global – Korea Omega Healthcare fund also contributed to the funding round, revealed in a report.

Some of the existing investors HBM Healthcare Investments, Kae Capital, Maverick Ventures, Omidyar Network and Sequoia Capital also participated in the funding round.

The company will now be going to use the fresh funding to boost growth, invest in supply chain and to improve the AI capabilities. It also aims to launch the innovative care delivery models, both the offline and online, by personalizing its care management programmes and expanding the partnerships with insurance, hospitals, government and pharmaceutical companies.

“1mg’s commitment to integrated services, backed by their technology and strong unit economics has helped them achieve remarkable growth,” said Vanessa Frey, CEO at Corisol Holding.

1mg, which was previously known by the name as a HealthKart Plus, was founded in the year 2011 by Prashant Tandon, Gaurav Agarwal and Vikas Chauhan. It allows the customers to order medicines, consult doctors and also purchase health products on its app and website. Users can also book the diagnostic service and lab tests.

Source: 1mg

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