1mg Technologies Pvt. Ltd, which operates health-technology startup and online pharmacy 1mg, has raised around Rs 71 crore (nearly $10 million at current exchange rates) in funding from the Bill & Melinda Gates Foundation.
The company – founded by Gaurav Agarwal, Prashant Tandon and Vikas Chauhan in 2011 – has allotted compulsorily convertible preference shares to the foundation at Rs 34,317.87 apiece, according to filings with the Ministry of Corporate Affairs.
The fair market value of each share has been listed as Rs 22,008.81 apiece, the filings show. This indicates a 36% premium paid by the Seattle-based Bill & Melinda Gates Foundation.
In the filings, the Gurugram-based startup said it requires the capital infusion to meet the current and future operational needs of its business. After the issue to the Gates Foundation, institutional investors will hold 83.28% of 1mg, with the promoters of the firm holding 9.73%
VCCircle has reached out to 1mg on the details of the fundraising and will update this report accordingly.
The startup was previously known as Healthkart Plus. It allows customers to order medicines, consult doctors and purchase health products on its website and via its app. Users can also book diagnostic services and lab tests. 1mg competes with Pharmeasy, Netmeds and Medlife.
In June last year, the company had raised $70 million (Rs 483 crore) in its Series D round of funding led by Switzerland-based family office Corisol Holdings. International Finance Corporation and a consortium of venture capital funds from South Korea led by Redwood Global—Korea Omega Healthcare fund also contributed to the funding round.
Before that, in April 2018, it raised nearly $10 million (around Rs 65 crore then) from existing investors including Sequoia Capital, Maverick Capital and HBM Healthcare Investments Ltd. In June 2015, the company had acquired homeopathy medicines platform homeobuy.com for an undisclosed amount.