Indian healthcare services platform receives $15m Series C

Existing backers Maverick Capital Ventures, Sequoia Capital India, Kae Capital and Omidyar Network also participated. It brings the company’s funding to date to at least $36 million.

“In our view 1mg has created a unique platform in one of the fastest growing markets in the world, and this platform can be the foundation of India’s leading healthcare services business in the years ahead,” Andreas Wicki, CEO of HBM, said in a statement. “All companies in the healthcare domain are looking for innovative platforms to partner with to connect better with their consumers – very few platforms have managed to achieve the consumer engagement at scale like 1mg has done.”

Founded in 2015 as a spin-out of health products vendor Healthkart, 1mg offers an online portal and mobile app that facilitates doctor consultations, pharmacy services, and personalized health management. It also provides diagnostic services including pathology and radiology lab testing as well as free home pick-up of samples.

The company received a $15 million Series B round in 2016 from HBM, Maverick, Sequoia and Omidyar. The prior year, it raised $6 million from Sequoia, Kae, Omidyar, Intel Capital and Deep Kalra. Separately, Sequoia, Kae and Omidyar backed a INR800 million ($12.4 million) round for Healthkart in 2016.

Momentum in the digitization of Indian healthcare is seen as a reaction to unmet medical needs in the country’s smaller cities and rural areas, where there is little direct access to professional care. Recent investment in this space includes a Series B round for online doctor networking service Medwell Ventures led by Mahindra Partners.

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• Topics
• South Asia
• Healthcare
• Technology
• Expansion
• India
• Sequoia Capital
• Venture
• TMT