• 1mg

  Participated · Equity · Sep 2022

  Tata 1mg Technologies Pvt. Ltd operates 1mg, an online pharmacy that sells medicines and other pharmacy products and provides diagnostics services to customers. Founded in 2011 by Prashant Tandon, Gaurav Agarwal and Vikas Chauhan, the company serves consumers seeking e-pharmacy and diagnostic services. In FY22 its operating revenue more than doubled to Rs 627 crore from Rs 309 crore in FY21, while losses widened to Rs 526 crore from Rs 314 crore. Tata Digital acquired a majority stake in 2021, initially taking 58.7% in June and increasing to about 63% by December; Tata Sons' FY22 annual report shows a cash consideration of Rs 720 crore. The company competes with PharmEasy, Reliance-owned Netmeds, Apollo Pharmacy, Flipkart-owned Sasta Sundar (Flipkart Health+) and Amazon in India's e-pharmacy market. A 2022 KPMG-FICCI report cited in the article projects India's e-pharmacy business will grow at an annual rate of 40–45%, underscoring the market opportunity for Tata 1mg. 1MG Technologies operates the online pharmacy 1MG, a platform that lets users find information about prescribed medicines and buy them. The company is Gurugram-based and was founded in 2015 by Anurag Mundhada, Gaurav Agarwal, Prashant Tandon, Sameer Maheshwari, and Vikas Chauhan. It recently received about $13.5 million from Tata Digital via Rs100 crore in compulsory debentures, a move reported ahead of Tata Digital acquiring a controlling stake. The financing is structured as compulsory debentures rather than an equity round. Previously, 1MG raised about $10 million from the Bill & Melinda Gates Foundation last year and closed a $70 million Series D in 2019 led by Corisol Holdings and the International Finance Corporation. The company continues to serve consumers seeking medicine information and e-pharmacy services. 1MG Technologies Pvt. Ltd is a Gurugram-based online pharmacy operating in India. The company offers online pharmacy services. The article reports that 1MG has closed a $70-million Series D funding round. The round was led by European family office Corisol Holdings and the International Finance Corporation (IFC). The article notes that IFC is part of the World Bank Group. No operating metrics or future plans were disclosed in the article. 1mg Technologies operates 1mg, an online pharmacy platform. The Gurugram-based firm has raised fresh capital to scale its business. It is positioning itself against better-funded rivals Netmeds and PharmEasy. According to the report, the company secured nearly $10 million (around Rs 65 crore) from existing investors. That financing values the company at $75 million. The article does not provide investor names or detail the specific financing instrument. 1mg operates a mobile app (1mg) and web platform (1mg.com) offering a medicine database and newer revenue verticals including e‑pharmacy, e‑diagnostics and e‑consultations. The company was earlier known as HealthkartPlus and was rechristened as 1mg in 2015. It provides medicine side‑effect information and alternatives and partners with pathology labs such as SRL Diagnostics and Dr Lal Path Labs for doorstep sample collection. 1mg competes with players like Netmeds and Practo. Management reports double‑digit month‑on‑month growth and says the new proceeds will be used to enhance technology, build data‑analytics teams and expand the geographic footprint of its pharmacies, diagnostics and e‑consultation services. The company is also exploring additional business lines, including partnerships with insurance companies.

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