AAA 1mg seeks $35m dose of funding

1mg seeks $35m dose of funding

1mg Technologies, an India-based online pharmacy backed by semiconductor producer Intel, is looking to raise $35m in funding, VCCircle has reported, citing a regulatory filing.

KWE Beteiligungen, a subsidiary of family office Corisol, is set to lead the round, which has already received an investment from venture capital firm Sequoia Capital India, and which is set to value 1mg at $200m.

Investment firms Omidyar Network and HBM Healthcare Investments are also set to contribute to the round, while existing investor Kae Capital will offload its entire stake in the company, according to two people familiar with the plans.

1mg, which was spun out of online health supplement retailer Bright Lifecare in 2015, runs an e-commerce platform that allows customers to order medicines and other health products. It also provides online consultations and enables users to book diagnostic services and lab tests.

The company secured $15m in a mid-2017 round led by HBM Healthcare that featured Sequoia Capital, Maverick Capital and Kae Capital. HBM had previously invested an undisclosed amount in the company in June 2016, a month after Sequoia India, Maverick and Omidiyar Network provided $15m.

Intel’s corporate venturing unit, Intel Capital, had joined Sequoia, Kae Capital, Omidyar Network and angel investor Deep Kalr in 1mg’s $6m series A round the previous year.

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