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Online pharmacy 1mg raises $70 mn in funding round led by Corisol, Redwood

This round of funding puts the company's valuation at around $200 million, according to market sources

T E Narasimhan  |  Chennai 

Rupee, cash, money

1mg, an integrated healthcare platform, has closed a $70 million fundraise with participation from World Bank investment arm IFC. The financing round was led by Corisol Holdings, a European family office and largest shareholder in Zur Rose/ Doc Morris which is Europe’s largest e-pharmacy.

This round of funding puts the company's valuation at around $200 million, according to market sources.

A consortium of venture capital funds from South Korea, led by Redwood Global – Korea Omega Healthcare fund, existing investors Sequoia Capital, Maverick Ventures, HBM Healthcare investments, Omidyar Network & Kae Capital also participated in the round.

Prashant Tandon, CEO of 1mg, said that the company has raised $103.5 million till now.

Tandon said with this infusion the company will increase investments in marketing, will develop a healthcare skill team of over 2,000 pharmacists and phlebotomists over the next phase. The company will also be setting up a dedicated supply chain for pharmacy as well as diagnostics and scale up its presence to provide same day delivery capabilities in over 100 cities and small towns and will set up a full initiative for the next generation data science and AI work.

First Published: Fri, June 28 2019. 11:50 IST
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