1MG, a Gurugram based healthtech startup, has raised $70 million funding led by Switzerland’s Corisol Holdings with participation from the World Bank’s investment arm IFC.
Other investors including Redwood Global, Korea Omega Healthcare Fund, existing investors such as Sequoia Capital, Maverick Ventures, HBM Healthcare investments, Omidyar Network and Kae Capital also participated in series D round of funding.
1MG, which deals in online pharmacy and diagnostic labs was started in April 2005 by three founders Prashant Tandon, Gaurav Agarwal, and Vikas Chauhan.
With the latest round of funding, the startup aims to set up labs in 100 cities in India, and epharmacy services available in Tier 3 cities as well as villages. The company would also develop AI-based products in order to provide better services to people at large.
Prashant Tandon, CEO of 1mg, said: “In terms of geographic coverage, we want to have a comprehensive coverage of all of India.”
“We’re setting up the supply chain, logistics and infrastructure to make this happen, and are shoring up on partnerships,” Tandon said.