A digital health platform 1mg technologies has secured a funding of $15 million from a group of investors led by HBM Healthcare Investments.

 

 About the company

1mg has mobile app and a web platform 1mg.com. Its existing investors Maverick Capital Ventures, Sequoia India, Omidyar Network and Kae Capital who were present in the funding round. The funds obtained will help in their expansion said CEO Prashant Tandon.

 

 The Funds’ usage

“We are growing double digits month-on-month. The funding is largely towards growth and building some key teams with regards to data analytics,” said Tandon. He also added “We will use the funds also for our geographic expansion of our pharmacies, diagnostics and e-consultation. We are looking at some additional business lines, like partnerships with insurance companies.”

 

Facts to know about HBM 

HBM holds about $1.5 billion under management and envelops an international portfolio of companies in the human medicine, biotechnology, medical technology and diagnostics sectors and many others.

“1mg was HBM’s first investment in a digital health platform in India and we are very encouraged about the prospects of the company,” said Andreas Wicki, CEO of HBM Healthcare Investments.

“HBM decided to lead the current round and double down on its investment in 1mg, pre-empting any need for the company to seek external capital and keeping the focus on continued growth.”

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