Gurugram-based online medicine and drugs retailer platform 1mg is reportedly in talks to raise around ₹248.63 crores in a fresh funding round from a Switzerland-based family office Corisol Holdings AG and some existing investors. The company will lead the investment through its wholly-owned subsidiary KWE AG.
Existing investors like Omidyar Network and HBM Healthcare Investments, the Swiss Healthcare focused investment firm will also participate in the funding round. While Sequoia has already invested, one of the existing investor Kae Capital is planning to sell its entire stake in the startup.
According to Crunchbase, 1mg has raised a total of ₹581.7 crores ($83.1 million) in nine funding rounds till date. The startup raised ₹42 crores ($6 million) in series A round in funding from Omidyar Network, Sequoia Capital India, and Intel Capital in April 2015. Later in April 2016, 1mg raised ₹208.6 crores ($29.8 million) in series B round from Maverick Ventures, Sequoia India and Omidyar Network.
Founded in 2011 by Gaurav Agarwal, Vikas Chauhan and Prashant Tandon, the startup was earlier known as HealthKart Plus. Later it rebranded itself as 1mg and expanded its portfolio to prescribed and unprescribed generic and branded medicines, consultation bookings, health products and supplements as well as test and diagnostic services.
The startup competes with firms like NetMeds, MedLife, PharmEasy, Practo and several others. Netmeds has raised ₹693 crores ($99 million) in total funding from investors like Tanncam Investment, Daun Penh Cambodia Group and Sistema Asia Fund. PharmEasy has raised ₹759.5 crores ($108.5 million) in total funding from Bessemer Venture Partners, Fundamentum, Orios Venture Partners, Think Investments, Eight Roads Ventures India, F-Prime Capital Partners, InnoVen Capital and JM Financial.
India’s pharmaceutical sector was valued at $33 billion in 2017, according to the India Brand Equity Foundation. It is expected to expand at a CAGR of 22.4% over 2015–20 to reach $55 billion. The country is expected to be among the top three pharmaceutical markets by incremental growth and the sixth largest market globally in absolute size by 2020.