India-based drug prescription management platform 1mg has raised Rs 1bn ($15m) in series B funding, a year after it spun out of health and wellness e-commerce company Bright Lifecare, Business Standard reported on Wednesday.
The funding came from Sequoia India, the local branch of US-based venture capital firm Sequoia Capital, as well as hedge fund sponsor Maverick Capital Ventures and investment firm Omidiyar Network.
Spun out of Bright Lifecare in April 2015, 1mg operates a platform that provides prescription drugs sourced from a network of brick-and-mortar pharmacies, and e-diagnostic services through partner laboratories.
The company claims its app has been downloaded more than five million times, and that its services are utilised by around one million unique consumers each month. It will use the funding to expand its operations from 13 cities to 30.
Gaurav Agarwal, founder and chief technology officer of 1mg, said: “This money will be invested, among other things, in verticals, such as homecare and paediatrics, lend harmony to our current offerings.”
The series B capital follows the $6m that 1mg raised from Intel Capital, which acts as semiconductor maker Intel’s corporate venturing arm, Sequoia, Omidyar, Kae Capital and angel investor Deep Kalra in April last year.