Total amount raised
$230.8 Million
Latest funding date
9/1/2022
Location
1mg has successfully raised funding through 14 rounds, with the latest being a Corporate Round. The platform is backed by 22 investors, including MPOF Mauritius and Elev8 Venture Partners.
Keep reading to explore the intricacies of 1mg's fundraising journey and the investors backing this innovative platform.
What Is 1mg?
1mg, headquartered in Gurgaon, Haryana, India, is an online pharmacy network platform and generic medicine engine. The company operates in various industries, including delivery, e-commerce, health care, medical, and pharmaceutical sectors.
Acquired by Tata Digital, 1mg employs between 1001 to 5000 people. The platform offers a wide range of services such as purchasing medicines, booking lab tests, online doctor consultations, and specialized care like cancer care and Ayurveda.
How Much Funding Has 1mg Raised?
- Corporate Round
- Amount Raised: USD 40,000,000
- Date: September 2022
- Lead Investors: Tata Digital
- Valuation at Round: USD 1.25 billion
- Motivation Behind the Round: To expand operations and enhance service offerings.
- Debt Financing
- Amount Raised: USD 13,300,000
- Date: April 2021
- Lead Investors: Tata Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and operational expansion.
- Debt Financing
- Amount Raised: USD 17,800,000
- Date: July 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand market reach.
- Series Unknown
- Amount Raised: INR 710,000,000
- Date: January 2020
- Lead Investors: Bill & Melinda Gates Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale healthcare services.
- Series D
- Amount Raised: USD 70,000,000
- Date: June 2019
- Lead Investors: Corisol Holding AG, International Finance Corporation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and enhance technology.
- Series Unknown
- Amount Raised: USD 10,320,000
- Date: April 2019
- Lead Investors: Redwood Global Healthcare Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and market expansion.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: January 2019
- Lead Investors: InnoVen Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance service offerings and technology.
- Series C
- Amount Raised: USD 10,000,000
- Date: March 2018
- Lead Investors: Maverick Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and enhance technology.
- Series C
- Amount Raised: USD 15,000,000
- Date: July 2017
- Lead Investors: HBM Healthcare Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and market expansion.
- Series C
- Amount Raised: USD 12,200,000
- Date: July 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand market reach.
Total Amount Raised: USD 188,820,000. Current Valuation: USD 1.25 billion.
Key Investors
- Tata Digital Limited
- Details: Tata Digital Limited is a subsidiary of Tata Sons, focusing on digital and consumer technology investments. It is the majority shareholder of 1mg, having initially acquired a 58.7% stake in June 2021, later increasing to about 63% by December 2021.
- Investment Focus Areas: Digital services, e-commerce, technology-driven businesses.
- Notable Investments: BigBasket, CureFit.
- HBM Healthcare Investments
- Details: HBM Healthcare Investments is a global investment firm focusing on the healthcare and life sciences sectors. It has a portfolio of investments in various healthcare and biotech companies worldwide.
- Investment Focus Areas: Healthcare, life sciences.
- Notable Investments: Various healthcare and biotech companies globally.
- KWE Beteiligungen AG
- Details: KWE Beteiligungen AG is an investment firm that participated in the recent funding round for 1mg. Specific details about the firm are not provided in the sources.
- Investment Focus Areas: Not specified.
- Notable Investments: Not specified.
- MPOF Mauritius
- Details: MPOF Mauritius is a Mauritius-based investment firm. Specific details about the firm are not provided in the sources.
- Investment Focus Areas: Not specified.
- Notable Investments: Not specified.
- Bill & Melinda Gates Foundation
- Details: The Bill & Melinda Gates Foundation is a private foundation founded by Bill and Melinda Gates. It is one of the largest philanthropic organizations in the world, focusing on global health and development.
- Investment Focus Areas: Global health, development, education.
- Notable Investments: Gavi, the Vaccine Alliance, Global Fund to Fight AIDS, Tuberculosis and Malaria, PATH.
What's Next for 1mg?
1mg stands at the cusp of significant growth opportunities, driven by the expansion of its online pharmacy services and diagnostics offerings. With the backing of Tata Digital, the company is well-positioned to leverage the increasing demand for digital health services in India. The e-pharmacy market is expected to grow at an annual rate of 40-45%, presenting a substantial opportunity for 1mg to enhance its market penetration and service offerings.
Future fundraising prospects look promising, with potential for additional investment rounds to support its ambitious growth plans. The recent $40 million funding round, which elevated 1mg to unicorn status, indicates strong investor confidence. Continued support from Tata Digital and other strategic investors will likely fuel further expansion and technological advancements.
However, 1mg will face challenges such as intense competition from well-funded rivals and regulatory hurdles in the healthcare sector. Maintaining service quality and customer satisfaction as the company scales will be crucial. Despite these challenges, 1mg's strategic positioning and robust backing suggest a bright future ahead, with potential for further acquisitions and market consolidation.
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