1mg Technologies Pvt Ltd, Indiant digital health platform which runs mobile app “1mg” on Android/ iOS and the
web platform, today announced an additional investment from HBM as a further addition to its recently closed Series B financing. HBM is among the global leaders in healthcare-focused investing with around $1.0 billion under management. HBM focuses on development stage, growth and buy-out financings of private companies as well as investments in public companies. This is HBM’s first direct investment in a digital health company in this region.
Prashant Tandon, Founder 1mg said, “We are thrilled to have an investor with the domain expertise and quality of HBM to partner with us. At this key stage of our growth, we are in good shape with a high quality team in place and our business backed by the best investors in the business across technology, healthcare and digital health. I believe we have the opportunity to transform healthcare in India and make it better for all consumers. With over 75 Million annual visits on our platform already, we have a very good shot at changing healthcare for consumers at scale in India.”
According to Dr Andreas Wicki, CEO, HBM Healthcare Investments, “As a focused investor in healthcare, we have been monitoring the interesting impact that technology is having in the space of healthcare delivery. We believe 1mg has created a unique platform in one of the fastest growing markets in the world, and this platform can be the foundation of India’s leading healthcare services business in the years ahead. All companies in the healthcare domain are looking for innovative platforms to partner with to connect better with their consumers – very few platforms have managed to achieve the consumer engagement at scale like 1mg has done.”
The company has previously raised funding from Maverick Capital Ventures, Sequoia India, Omidyar Network, Kae Capital and Intel Capital.
About 1mg: 1mg is India’s leading consumer health platform with over 5.5 Million downloads and 75M annual visits. It aspires to be the trusted health partner for all Indians and its mission is to make healthcare accessible, understandable and affordable for a billion Indians. It enables consumers to learn more about their medicines and also find more cost-effective substitutes. 1mg’s doctor platform aims to revolutionize how a consumer finds the right healthcare professional for his needs. It’s recently launched diagnostics service brings transparency and price-effectiveness to lab tests. 1mg is an initiative taken in the spirit of public service with a vision to empower Indian consumers and caregivers to select the most appropriate healthcare service at the best possible price.
About HBM Healthcare Investments: HBM is among the global leaders in healthcare-focused fund with around $1.0 billion under management. HBM focuses on development stage, growth and buy-out financings of private companies as well as investments in public companies. HBM actively supports a portfolio of some 40 growth companies focusing on value creation from innovative technologies and novel products.
