Swiss investment firm HBM Healthcare backs drug marketplace 1mg
Gurgaon-based 1mg Technologies Pvt Ltd, operator of the online drug marketplace 1mg, has raised funds from Switzerland-based HBM Healthcare Investments to top up its recently closed Series B round.
This is HBM’s first direct investment in a digital health company in India, 1mg said in a statement.
The company last month raised Rs 100 crore ($15 million) 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.
1mg, earlier known as HealthKartPlus, had 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.
“All companies in the healthcare domain are looking for innovative platforms to partner with to connect better with their consumers – very few platforms have managed to achieve the consumer engagement at scale like 1mg has done,” said Andreas Wicki, CEO, HBM Healthcare.
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 Bangalore.
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.
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1MG Technologies Pvt. Ltd. owns and operates online platform 1mgayush.com. It provides solution for all homeopathic remedy needs. It offers medicine for allergy, anaemia, homeopathic cosmetics, cough and cold, head brain nervous and imported homeopathic medicines. The firm also provide price comparison where users can find generic drug equivalents for commonly prescribed branded drugs. The company was incorporated in 2015 and is based in New Delhi, India. 1MG Technologies Pvt. Ltd. operates as a subsidiary of Bright Lifecare Pvt. Ltd.
Sequoia Capital India Advisors Pvt. Ltd. is a venture capital firm with around $1.93 billion assets under management. It provides seed, late and growth-stage capital to companies operating in India. The firm seeks to invest in technology, healthcare, foods and beverages, outsourced services, pharma, consumer, finance, education, manufacturing, hospitality, media and entertainment, energy, retail, infrastructure and telecom sectors. It invests between $0.1 million and $1 million in seed stage, $1 million and $10 million in early stage and $10 million and $100 million in growth stage companies. The company was incorporated in 2000 and is based in Bengaluru, Karnataka. with an additional office in Mumbai.
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KAE Capital Management Pvt. Ltd. is a venture capital firm with $25 million assets under management. It provides growth capital to early stage companies operating in United States of America and India. The firm seeks to invest in mobile, e-commerce, healthcare, consumer, internet and education sectors. It typically invests between $0.05 million and $2.5 million in its portfolio companies. The company was founded in 2008 and is based in Mumbai, Maharashtra.