1mg, an integrated healthcare platform, has closed a $70 million fundraiser with participation from World Bank investment arm IFC. The financing round was led by Cortisol Holdings, a European family office and largest shareholder in Zur Rose/ Doc Morris which is Europe's largest e-pharmacy.
This round of funding puts the company's valuation at around $200 million, according to market sources.
A consortium of venture capital funds from South Korea, led by Redwood Global – Korea Omega Healthcare fund, existing investors Sequoia Capital, Maverick Ventures, HBM Healthcare Investments, Omidyar Network & Kae Capital also participated in the round.
Prashant Tandon, CEO of 1mg, said that the company has raised $103.5 million till now.
Tandon said with this infusion the company will increase investments in marketing, will develop a healthcare skill team of over 2,000 pharmacists and phlebotomists over the next phase. The company will also be setting up a dedicated supply chain for pharmacy as well as diagnostics and scale up its presence to provide same-day delivery capabilities in over 100 cities and small towns and will set up a full initiative for the next generation data science and AI work.
