As per news report, the epharmacy platform, 1mg is in talks with both Indian and global private investment firms to raise $100 Mn to fend off the competition.
The news source reveals that private equity firm Gaja Capital to lead the round through its $400 mn Fund IV. Apart from Gaja Capital, Tata Capital and Europe’s Partners Groups will also be participating in the round, along with other international investors. Existing investors of 1mg, Sequoia Capital and World Bank investment arm IFC may also participate in this round.
The companies are still in talks to finalise the details of the transaction, which may also include the total round being completed in tranches. Sources close to the matter told the publication that around $70 mn of the new capital have been finalised, but 1mg is negotiating for a bigger cheque.
In July this year, 1mg raised $17 Mn (INR 133 Cr) in debt from existing investors MPOF Mauritius, MAF Mauritius, HBM Healthcare Investment, AG’s subsidiary KWE Beteiligungen and World Bank’s investment arm International Finance Corporation (IFC).
1mg was launched in April 2015 after Healthkart separated its generic drug search business, HealthkartPlus, and rebranded it as 1MG. The company has three business verticals - pharmaceuticals, labs, and doctors. Its founders include - Prashant Tandon, Gaurav Agarwal, and Vikas Chauhan. This year, the company has also received INR 20 Lakh in a grant from Action Covid-19 Team (ACT) to tackle Covid-19 crisis in India.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.