1mg Technologies, an India-based online pharmacy backed by chipmaker Intel, is raising $70m in funding from investors including International Finance Corporation, the private sector-focused arm of financial institution World Bank, VCCircle reported today.
The company was in the process of raising a $35m round in January 2019 expected to be led by KWE Beteiligungen, a subsidiary of family office Corisol, but it is unclear whether the $70m round is an expansion of this deal or a separate transaction.
The January round was also set to by backed by Sequoia Capital India, Omidyar Network and HBM Healthcare Investments. Kae Capital was reportedly looking to exit as part of that deal.
1mg, spun out of online health supplement retailer Bright Lifecare in 2015, operates an e-commerce website and app for patients to buy medicines and healthcare products. Customers can also book online consultations, diagnostic services and lab tests.
The company obtained $15m in a 2017 round led by HBM Healthcare that included Sequoia, Kae and Maverick Capital. HBM had already supplied an undisclosed sum in June 2016, a month after Sequoia, Maverick and Omidiyar Network injected $15m.
Intel’s corporate venture capital division, Intel Capital, had joined Sequoia, Kae, Omidyar and angel investor Deep Kalr for a $6m series A round in 2015.
