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Corisol holdings, IFC, others put $70 million in e-pharmacy 1mg

1mg eyes tier-III towns, plans to expand its labs business to 100 cities and grow its data science team to build new products such as a digital doctor and AI health bots..

, ET Bureau|
Jun 28, 2019, 08.06 AM IST
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1mg claims it serviced 70 million unique patients last year across its pharmacy, diagnostics and consultation businesses.
BENGALURU: Online pharmacy 1mg has closed a $70 million investment round led by Corisol Holdings, a European family office, with participation from the World Bank’s investment arm IFC, at a valuation of around $200 million.

The Series-D round also saw South Korea’s Redwood Global and Korea Omega Healthcare fund coming onto 1mg’s cap table. Existing investors Sequoia Capital, Maverick Ventures, HBM Healthcare investments, Omidyar Network and Kae Capital also participated in the round.

The Gurugram-headquartered firm plans to utilise the funds to expand its labs business to 100 cities, its e-pharmacy business to tier-III towns and villages, and grow its data science team to build new products such as a digital doctor and AI health bots. “In terms of geographic coverage, we want to have a comprehensive coverage of all of India,” said Prashant Tandon, CEO of 1mg. “We’re setting up the supply chain, logistics and infrastructure to make this happen, and are shoring up on partnerships.”

1mg claims it serviced 70 million unique patients last year across its pharmacy, diagnostics and consultation businesses. It is now aiming to grow its revenues by four times in the current fiscal, on the back of increased coverage as well as larger spending on marketing and promotions. The firm is also planning to beef up its offline presence.

“1mg’s patient-centric integrated healthcare platform and techenabled business model will bring transparency and accountability to the pharmaceutical supply chain and diagnostics services,” said Ruchira Shukla, regional lead for South Asia at IFC.

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