1MG raises $45.4 Million in a funding round.
Revenue of 1MG raised by 223% in Financial Year 2017-18 from last year.
1MG has till now raised a total $60 Million since last year.
Gurugram based Epharmacy startup 1MG has raised $45.4 Million (Rs. 314 Cr) in a funding round continued between December 2018 and March 2019. The funding round is led by investors including AG’s subsidiary KWE Beteiligungen, Redwood Global, Corsiol Holding, and several others. According to the Ministry of Corporate Affairs filling 1MG’s existing investors — Kae Capital, Sequoia Capital, and HBM Healthcare Investments also participated in funding round. The latest funding round is startup’s second funding round. In the previous round of funding the company has raised $14.6 Million from investors including SCI Growth Investments, MAF Mauritius, etc. The startup has till now raised a total $60 Million since last year.
In latest funding round 1MG has offered Class 4A CCPS at a value of INR 34,417.87 per share to existing as well as new investors for an overall round.
- Sequoia picked up 6,192 shares for INR 21.3 Crore
- HBM Healthcare Investments (Cayman) Ltd picked up 6,192 shares for INR 21.3 Crore
- Korea Omega-Redwood Global Healthcare Fund picked up 14,448 shares for INR 49.72 Crore
- Newflight Co picked up 202 shares for INR 69.52 Lakhs
- MPOF Mauritius Ltd picked up 1332 shares for INR 4.58 Crore
- Pinpoint Ventures Co picked up 2,224 shares for INR 7.65 Crore
- Kae Capital Fund IIA picked up 2,064 shares for INR 7.103 Crore
- Rubal Jain picked up 310 shares for INR 1.06 Crore
- ON Mauritius picked up 6,192 shares for INR 21.3 Crore
- KWE Beteiligungen subsidiary of Corsiol Holding AG picked up 51,599 shares for INR 177.59 Crore
- MAF Mauritius Ltd picked up 732 shares for INR 2.51 Crore
Class 4 CCPS were offered on a preferential basis to the existing investors — MPOF Mauritius Ltd, MAF Mauritius Ltd, HBM Investments (Cayman) Ltd, GHI Holdings Mauritius, and SCI Growth Investments II — in around worth INR 101.06 Cr ($14.6 Million) at a per share value of INR 19,477.
1MG came into existence in 2015 by Gaurav Agarwal, Prashant Tandon, and Vikas Chauhan.
1MG got emerged in the market when Healthkart separated its generic drug search business, HealthkartPlus, and rebranded it as 1MG. The company provides its services in three segments including Pharmaceuticals, Labs, and Doctors. In Financial Year 2017-18 1MG Technologies has gained revenue of INR 39.8 Cr ($5.4 Million), a 223% jump from the last financial year. Of the total revenue, the epharmacy contributed INR 23.2 Cr ($3.1 Million) while the diagnostics share was INR 8.8 Cr ($1.1 Million) in FY18, an increase of 268% and 214% respectively from FY17 and the startup faced net loss of INR 88 Cr ($11.9 Million), about 50% increase from the last financial year.
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