1mg gets a dose of 100 Cr from Maverick Capital Ventures to dominate Indian consumer health market. Sequoia India and Omidiyar Network also participated in the current round of financing. 1mg is looking to use this investment for expanding its innovative digital health offerings, accelerating the nationwide coverage of its e-pharmacy and e-diagnostic services. Will launch innovative digital health products such as ‘Smart Prescriptions’ and a personalized ‘My Health Feed’; and engaging more deeply with public and private healthcare programs.
Maverick Capital Ventures is the venture capital arm of Maverick Capital, Ltd. a U.S. registered investment adviser with over $10 billion in assets under management. With an indefinite time horizon, MCV invests in early stage companies and helps entrepreneurs build their businesses by intense collaboration, bringing to bear the global resources of Maverick Capital.
1mg is the leader in digital health market,and it is seeing significant activity across India and the world. Started as HealthKartPlus, 1mg transformed into the “Wikipedia” of medicine information, highlighting saving potential of ~70-80% on medicine costs. It considers alternate brands for the same generic salt and creates transparency for the consumer in an otherwise very opaque and hard to understand market.
It has 2 million unique consumer with over 5 million app downloads and 25 million monthly page views, making this the #1 mobile health service. It also has India’s largest e-pharmacy and e-diagnostic network.
On this occasion Prashant Tandon, CEO & co-founder, 1mg said, “India has one of the highest populations of chronic patients in the world and yet access to quality and affordable healthcare is limited. Couple that with a generally poor understanding of one’s disease condition and lack of information, patients often are not able to make the best and most cost-effective healthcare decisions for themselves”.
Co-Founder and CTO Gaurav Agarwal, added “Technology has a potential to bring a massive disruption in the way healthcare works. We have seen how transportation, shopping, entertainment and even banking have been completely disrupted by technology. We are super excited that we have a shot at bringing about a significant change for the better in how healthcare works from consumers in India and potentially beyond. There is so much scope to make it radically better.”
According to Matthew Kinsella, Managing Director at Maverick Capital Ventures, lead investor of this round, “We have evaluated and invested in leading digital health companies across the globe and are extremely impressed by what 1mg has achieved. In India, we believe 1mg is the clear leader in the healthcare space with outstanding engagement metrics. 1mg has a real shot at changing the healthcare landscape over the next several years.”
“Technology continues to transform the healthcare landscape and is empowering consumers to better manage their healthcare. 1mg provides a comprehensive platform to address healthcare needs and has successfully simplified the challenge of accessing medicines and lab tests anytime, anywhere. The company is already an indispensable resource for consumers who are looking to make smart decisions about their healthcare choices.”, said Shailesh Lakhani, Managing Director, Sequoia Capital India Advisors.
Sequoia India, Omidyar Network, Kae Capital and Intel Capital has funded 1mg as part of HealthKart and was spun off in February 2015.