20 April, 2016, Bangalore: Concluding its recent series B funding round, healthcare startup, 1mg Technology has managed to raise Rs 100 crore funding. The round was headed by Maverick Capital Ventures, the venture capital arm of US-based hedge fund Maverick Capital and by its existing investors Sequoia Capital and Omidyar Network. The company had released a statement confirming the aforementioned information.
Earlier, the company had raised US $6 million funding from Sequoia Capital, Intel Capital, Omidyar Network and Deep Kalra, co-founder of travel portal MakeMyTrip. Company is planning to utilise the raised amount in enhancing and expanding its online pharmacy and diagnostics verticals. A part of the funds will also be deployed in launching health products such as smart prescriptions and personalised health feeds for consumers.
Commenting on the development, Prashant Tandon, Co-Founder and Chief Executive, 1mg Technology, said, “India has one of the highest populations of chronic patients in the world and yet access to quality and affordable healthcare is limited. Our app allows customers to access knowledge about substitutes that can often save 80-90 per cent on healthcare bills. Additionally our e-pharmacy platform enables users to transact and purchase these medicines and have them home-delivered. Our more recently launched e-diagnostics service aims to bring a similar transparency to the lab tests market.”