1mg raises $15 million Series C capital funding from HBM Healthcare

1mg, Online pharmacy and healthcare services start-up, has raised $15 million in a Series C funding round led by global healthcare-focused fund HBM Healthcare Investments AG, and existing investors including Maverick Capital Ventures, Sequoia India, Omidyar Network and Kae Capital. Andreas Wicki, chief executive officer of Switzerland-based HBM Healthcare, said that “1mg was HBM’s first investment in a digital health platform in India and we are very encouraged about the prospects of the company, given the tremendous progress across all dimensions over the past year”. He further added that “In our view, 1mg has created a unique platform in one of the fastest growing markets in the world, and this platform can be the foundation of India’s leading healthcare services business in the years ahead”.

The startup will use the fresh capital to launch predictive healthcare and corporate wellness products. It is also expected to expand its e-diagnostics and e-consultation verticals as well as launch allied services. 1mg is building a database and analytics infrastructure that will capture healthcare trends and consumer demand based on traffic and search patterns. The startup has raised more than $36 million capital since its inception.