IFC, Corisol lead $70m Series D for India's 1mg
The International Finance Corporation (IFC) and Switzerland-based family office Corisol Holdings have led a $70 million Series D round for Indian online healthcare services platform operator 1mg Technologies.
Existing investors Sequoia Capital, Maverick Ventures, HBM Healthcare Investments, Kae Capital, and Omidyar Network also participated in the round, along with South Korea’s Redwood Global Healthcare Fund and Korea Omega Investment. The latest investment brings the company’s valuation to around $200 million, according to media reports linked from 1mg’s Twitter feed.
1mg launched in 2013 as a division of health products vendor Healthkart, and spun out from the parent company in 2015. It offers an online portal and mobile app that facilitates doctor consultations, pharmacy services, and personalized health management, and claims to have served 70 million unique patients last year.
The company plans to use the new capital to expand its data science team and build new products, with a focus on using artificial intelligence to improve diagnosis times. It will also grow geographic coverage of its laboratory testing business and online pharmacy, while launching new partnerships with hospitals, insurance and pharmaceutical companies, and local governments.
“1mg’s commitment to integrated services, backed by their technology and strong unit economics, has helped them achieve remarkable growth to become India’s largest digital health platform,” said Vanessa Frey, CEO of Corisol. “We are excited to partner in 1mg’s vision to make affordable quality care accessible to Indians.”
1mg’s most recent funding round was a $15 million Series C commitment in 2017 led by HBM, with participation by Maverick, Sequoia, Kae, and Omidyar. Previous investments include a $15 million Series B round in 2016 and the $6 million Series A round the prior year. Sequoia, Kae, and Omidyar are also investors in Healthkart.
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