Maverick leads $15m Series B for India's 1mg

Existing investors Sequoia Capital India and Omidyar Network also participated in the round. The company, which currently operates in 13 cities, will use the new capital to expand to 30; it will also invest in broadening its product offerings and add additional services to its web platform.

1mg operates both an online pharmacy and a personalized health management platform. The pharmacy site allows customers to compare prices for the same medicine across various brands and identify the most affordable option for them.

Medicines are sourced from offline pharmacies that partner with 1mg. Customers upload their prescriptions through the website; the prescriptions are then verified, digitized and sent to the offline partners. Patients can also store their medical information on the platform to help the company identify possible side effects and drug interactions, along with providing health recommendations.

1mg mainly targets customers with chronic health problems, since they are likely to purchase medicines frequently. The company claims a million unique customers use its platform every month, and about five million downloads for its app.

AVCJ Research has a record of a $6 million Series A round for 1mg last April, with participation by Intel Capital, Kae Capital, Omidyar and Sequoia. Sequoia is active in India's increasingly crowded healthcare investment space, having participated in several rounds for clinic management and doctor search software developer Practo as well as backing drug developer and manufacturer La Renon.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

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