Digital health platform 1mg raises $15 mn

The company runs a mobile app, '1mg', with a little over 9 mn downloads

1mg Technologies Pvt Ltd, claiming to be the country's largest digital health platform, said it had raised $15 million (nearly Rs 100 crore). The round was led by HBM Healthcare Investments, with participation from other existing investors Maverick, Sequoia India, Omidyar and Kae Capital. 

The company runs a mobile app, ‘1mg’, which has had a little over nine million downloads, it has claimed.

HBM made its first investment in 1mg in May 2016, as part of a top-up round, following a Series-B financing that was led by Maverick Capital Ventures. HBM is among global leaders in health care-focused investing, with around $1.5 billion under management. HBM focuses on development stage, growth and buy-out financings of private companies, beside investments in public companies.

Andreas Wicki, chief executive at HBM, said: 1mg has created a unique platform in one of the fastest growing markets in the world and this can be the foundation of India’s leading health care services business in the years ahead. Very few platforms have managed to achieve the consumer engagement at scale like 1mg has done.

Prashant Tandon, co-founder and chief executive at 1mg, said," We believe we are on the right path". 1mg, he said, aimed to make health care accessible, understandable and affordable for a billion Indians, enabling consumers to learn more about their medicines and also find more cost-effective substitutes.

HBM Healthcare holds and manages an international portfolio of promising companies in the human medicine, biotechnology, medical technology and diagnostics sectors. 

Many of these companies have their lead products already available on the market or at an advanced stage of development. It has an international shareholder base and is listed on the SIX Swiss Exchange.