Online pharmacy store 1mg acquires MediAngels

Gurgaon based Bright Lifecare, which owns and operates the online pharmacy platform 1mg, has acquired Mumbai based MediAngels. It is the second acquisition done by 1mg in last 5 months, with Medd, a marketplace for booking diagnostics and imaging tests, being the first acquisition in July’16.

The acquisition will help 1mg enter into the lucrative super specialty consultations, corporate health services and insurance partnerships. Prashant Tandon, CEO 1mg, said that “Our consumers can now access a deep network of over 450 super specialists across India and the world, and we also get an entry into the corporate health space through this platform”.

1 mg had raised over Rs100 crore from investors, such as, US-based Maverick Capital, the venture capital fund affiliate of New York-based hedge fund Maverick Capital, and Switzerland-based healthcare fund HBM Partners, in April earlier this year.

MediAngels, founded in 2011 by super specialist medical professionals, Arbinder Singal and Debraj Shome, claims to have experienced medical specialists, across the globe, providing medical consults to patients. The five year-old company also claims to have more than 450 super specialist doctor team, across 93 specialties, including cardiology, cancers, neurosurgery, orthopedics and pediatric subspecialties, according to the press statement.

Besides 1mg, the Chennai-based online drugs marketplace Netmeds is also active in the acquisition space, and has acquired on-demand medicine and healthcare products delivery service Pluss, in an all-stock deal.