Swiss investor to lead $35-mn round in 1mg

Gurugram-based 1mg Technologies Pvt. Ltd, which operates an eponymous online pharmacy, is raising $35.31 million (Rs 248.63 crore) in a fresh funding round from new and existing investors. According to the company's latest filings with the Registrar of Companies, the round is being led by new investor Corisol Holding AG, a Switzerland-based family office. The company made the investment through its wholly-owned subsidiary KWE Beteiligungen AG. Existing investors Sequoia Capital India, Omidyar Network and Swiss healthcare-focused investment firm HBM Healthcare Investments will also put in money in this round. Sequoia has already made its investment, while the rest is yet to come in, the filings revealed. Existing investor Kae Capital is likely to sell its entire stake in 1mg in this funding round. Founded in 2011 by Prashant Tandon, Vikas Chauhan and Gaurav Agarwal, the online pharmacy, which was previously known as Healthkart Plus, allows customers to order medicines, consult doctors and also purchase health products. Users can also book diagnostic services and lab tests. The platform claims to have more than eight million unique users every month. The company has expanded its labs and e-consultation business over the past year, with online medicine sales now accounting for 60 per cent of its revenue.