India-based drug prescription management platform 1mg, a spinout of health and wellness e-commerce business Bright Lifecare, has received an undisclosed sum from investment fund HBM Healthcare Investments, the Times of India reported yesterday.
The money comes just a month after 1mg attracted $15m in series B funding from Sequoia India, hedge fund sponsor Maverick Capital Ventures and investment firm Omidiyar Network.
1mg was spun out of Bright Lifecare in April 2015, with $6m in initial funding sourced from Bright’s backers including Intel Capital, the investment unit of the chip maker, Sequoia Capital, Kae Capital and Omidyar Network. Angel investor Deep Kalra also supplied cash at the time.
1mg’s platform offer prescription drugs from a network of traditional pharmacies and e-diagnostic services provided through partner labs.
Prashant Tandon, co-founder and chief executive of 1mg, said: “We are in a good shape with a high quality team in place. Our business is backed by the best investors in the business across technology, healthcare and digital health.
“With over 75 million annual visits on our platform already, we have a very good shot at changing healthcare for consumers at scale in India.”