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Digital healthcare platform IMG Technologies to raise $70 million

International Finance Corporation (IFC) will be one of the investors

T E Narasimhan  |  Chennai 

1mg co-founders Gaurav Agarwal (above left) and Prashant Tandon
File photo of 1mg co-founders Gaurav Agarwal (above left) and Prashant Tandon

Digital healthcare platform Technologies plans to raise around $70 million. One of the investors would be World Bank's investment arm (IFC).

IFC said the proposed equity investment is part of the company's $70 million fund raise. However, it did not disclose how much it is planning to invest in the company.

IMG Technologies is already backed by Maverick Ventures, Sequoia Capital, Corisol Holdings AG, HBM Investments and Omidyar Network.

In 2012, a digital health platform called HealthkartPlus was started as a division within BLPL (Bright Lifecare Private Limited). In 2015, it was de-merged and transferred to Technologies Private Limited (1mg). was incorporated in April 2015 with Prashant Tandon and Gaurav Agarwal as founders.

1mg currently operates as an online marketplace for sale and purchase of pharmaceutical products (comprising over-the-counter (OTC) drugs and prescription drugs), wellness products and fast-moving consumer goods by various third-party and manufacturers. The platform also provides and

1mg acquired LFS Healthcare Private Limited (Droplet) and Delhi Mediart Private Limited (DMPL) (wholly-owned subsidiaries of 1mg) in FY18 which is engaged in the business of providing home collection solutions for and wholesale trading of pharmaceuticals, healthcare and personal-care products respectively.

First Published: Fri, March 01 2019. 10:24 IST
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