Gurugram-based 1mg Technologies Pvt. Ltd, which operates an eponymous online pharmacy, has raised $10.32 million (Rs 65.37 crore) in fresh funding led by South Korean investment firm Redwood Global Healthcare Fund.
Redwood acquired shares worth Rs 49.72 crore ($7.2 million), show 1mg’s filings with the Registrar of Companies. The rest came from US-based venture capital firm PinPoint Ventures, NewFlight Co, ES Investor Co. Ltd, existing investor Kae Capital and individual investors Rubal Jain and Nikhil Kumar Srivastava.
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The fresh investment is possibly part of a larger funding round.
TechCircle had reported last September that 1mg was in talks with investors to raise up to $60 million in its largest funding round till date.
Existing investors Sequoia Capital India, Omidyar Network and Swiss healthcare-focused investment firm HBM Healthcare Investments had also put in money in that round.
Founded in 2011 by Prashant Tandon, Chauhan and Agarwal, the online pharmacy, which was previously known as Healthkart Plus, allows customers to order medicines, consult doctors and also purchase health products on its website and via its app. Users can also book diagnostic services and lab tests.
The platform claims to have more than eight million unique users every month.