1mg turns unicorn with $40 million fundraise led by Tata Digital
Tata-owned online healthtech platform 1mg has joined the coveted unicorn club with fresh funding of about $40 million in a funding round led by the Mumbai-based company, Tata Digital, which had valued the startup between $1.25 and $1.30 billion.
According to a filing with the ministry of corporate affairs, the board of Tata 1mg approved a special resolution to issue 30,992 equity shares with a face value of Re 1 each at a premium of Rs 1,03,046, the firm said (MCA). Thus, the company had raised around $40 million, or about Rs 319.36 crore.
According to estimates made, the premium was more than 5 times the amount of 1mg’s prior financing, which valued the business at $240 million. Tata 1mg was valued between $1.25 and $1.30 billion at the most recent round.
The round was led by Tata Digital that invested about Rs 254 crore or about $32 million followed by KWE Beteiligungen AG, HBM Healthcare Investments, MAF Mauritius, MPOF Mauritius and individual investors Rubal Jain and Vardaan Sharma, showed by the MCA filings.
The current round of funding for Tata 1mg comes at a time when healthtech firms have struggled due to a waning coronavirus epidemic, which has caused a decline in demand for online services as regulations have been relaxed.
Founded in 2013 as Healthkartplus by Prashant Tandon, Gaurav Agarwal and Vikas Chauhan, 1mg initially focussed on the alternative medicine space with AYUSH products. Over the years, it has rebranded itself as 1mg which is an online pharmacy and healthcare platform that offers medicines, lab tests, and doctor consultations. At present, the platform has about 2,000 tests and 120 verified labs listed and users can consult a doctor across 20 specialties.
The Gurgaon-based startup earns from its services like diagnostics, sale of medicines, preventive healthcare, and online consultations, as well as through native ads on its platform. The company provides services, including e-pharmacy, diagnostics, e-consultation and health content.
Tata 1mg seems to be an interesting startup with spurring new development on technology, information and internet platform. Congratulations on your startup. May this new business bring you huge success and fulfillment.Shishir Gupta, Founder and CEO, StartupLanes
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