1mg Technologies, an India-based online pharmacy backed by semiconductor producer Intel, has closed a $70m series D round led by family office Corisol, Times of India has reported.
Redwood Global-Korea Omega Healthcare, Sequoia Capital, Maverick Ventures, HBM Healthcare investments, Omidyar Network, International Finance Corporation and Kae Capital also took part in the round, which valued 1mg at $200m according to a person aware of the matter.
Spun off by online health supplement retailer Bright Lifecare in 2015, 1mg operates an online store and app where patients can purchase drugs and healthcare products. Users can also book online consultations, diagnostic services and lab tests through the platform.
The company recently partnered insurance providers to offer annual health checkups, and has begun managing pharmacies in a range of hospitals.
The series D funding will allow 1mg to accelerate business growth and support investments in its supply chain. A “significant” amount will go to marketing activities, co-founder and chief executive Prashant Tandon said.
Intel’s corporate venturing subsidiary, Intel Capital, joined Sequoia Capital, Kae Capital, Omidyar Network and angel investor Deep Kalr in 1mg’s $6m series A round in 2015.
HBM Healthcare injected an undisclosed amount in 1mg in June 2016, a month after Sequoia, Maverick Ventures and Omidyar Network had supplied $15m. HBM subsequently led a $15m series C round for the company in 2017, with participation from Sequoia, Maverick and Kae Capital.
