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1mg Acquisition, Valuation, Funding & Investors
1mg was acquired by Tata Digital for $400M in June 2021.
1mg acquisition price
$400M
Acquired by Tata Digital · Jun 2021
1mg revenue
$67M
Strategic investment · Sep 2022
Cumulative funding 1mg raised
$200M
across 11 funding rounds
Key investors in 1mg
Maverick Ventures
Omidyar Network
HBM Healthcare Investments
Peak XV Partners
Omidyar Network India
Kae Capital
About 1mg
1mg is a Gurgaon-headquartered digital healthcare platform in India connecting consumers to medicines, doctors, and diagnostic labs. Users search drugs by ailment, manufacturer, or brand, place orders with nationwide delivery, and book consultations via telemedicine. Launched in 2015, it acquired by PharmEasy in 2021, the service covers over 1,000 cities with lab partnerships in pathology and radiology.
Founded
2015
HQ
Website
Status
Acquired
Customer focus
B2C
Revenue model
Product sales
Revenue
$67M (Sep 2022)
Valuation
$1.3B (Sep 2022)
1mg Acquisition
1mg was acquired by Tata Digital for $400M on 10 June 2021.
Before the acquisition 1mg had raised $200M across 11 funding rounds.
1mg is one of India's largest digital health platforms, operating an online pharmacy, diagnostics labs, and telehealth services. The company had built a supply chain covering over 20,000 Indian zipcodes and operated as a major business-to-business medicine distributor. In June 2021, Tata Digital, the digital subsidiary of the Tata conglomerate, acquired a majority stake in 1mg valued at approximately $450 million post-money, with Tata Digital investing $220-240 million to acquire a 55-63% stake. The deal represented a mix of primary capital infusion and secondary buyouts from existing investors including Sequoia Capital India, Maverick Ventures, and the Bill & Melinda Gates Foundation. This acquisition was part of Tata's broader strategy to build a digital consumer ecosystem and complemented other digital investments such as grocery delivery platform BigBasket and fitness startup CureFit. The transaction doubled 1mg's valuation from approximately $242 million pre-deal and positioned the platform's e-pharmacy, diagnostics, and telehealth services as a cornerstone of the Tata Neu superapp strategy.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 10 Jun 2021 | Strategic M&A | $400M |
1mg Valuation
1mg is currently valued at $1.3B, based on its strategic investment round in September 2022.
The $40M round was led by Tata Digital, with participation from MPOF Mauritius, Elev8 Venture Partners, HBM Healthcare Investments, Rubal Jain, MAF Mauritius and 2 other investors.
1mg's valuation has grown 17x from $75M at its Series C in March 2018 to $1.3B in September 2022, across 3 priced rounds.
1mg valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2022 | Strategic investment | $1.3B | 18.8x |
| Jun 2019 | Series D | $200M | - |
| Mar 2018 | Series C | $75M | 8.3x |
1mg Revenue
1mg's latest recorded revenue is $67M, as of its strategic investment round in September 2022. At a $1.3B valuation, that implies a 18.8x revenue multiple.
Revenue grew from $9M in March 2018 to $67M in September 2022, while the revenue multiple moved from 8.3x to 18.8x.
1mg revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2022 | $67M | $1.3B | 18.8x | Strategic investment |
| Mar 2018 | $9M | $75M | 8.3x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
1mg Funding History
1mg has raised a total of $200M across 11 funding rounds.
1mg's first fundraising round was a $6M Series A in April 2015. The most recent completed round was a $40M strategic investment round in September 2022.
1mg funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2022 | Strategic investment | Tata Digital (lead); MPOF Mauritius; Elev8 Venture Partners; HBM Healthcare Investments; Rubal Jain; MAF Mauritius; Vardaan Sharma; KWE Beteiligungen | $40M | $1.3B | Tata 1mg Technologies Pvt. Ltd., an online pharmacy and healthcare platform offering medicines, teleconsultations, lab tests, and B2B distribution, raised $40 million in a fresh funding round on September 6, 2022, led by majority shareholder Tata Digital with $32 million, alongside KWE Beteiligungen ($2.35 million), HBM Healthcare Investments ($2 million), MPOF Mauritius, MAF Mauritius, Rubal Jain, and Vardaan Sharma. The round valued the company at a post-money $1.25 billion, achieving unicorn status as India's 21st in 2022. Tata Digital had previously acquired a majority stake (over 62%) in June 2021 for Rs 720 crore cash, following a $13.3 million investment in April 2021. In FY22, 1mg's operating revenue more than doubled to Rs 627 crore from Rs 309 crore in FY21, though losses increased to Rs 526 crore from Rs 314 crore. The platform covers over 20,000 pin codes, operates diagnostics labs, and integrates with Tata Neu super app for growth. Total funding prior to this round approached $230 million across multiple debt and equity rounds from investors like Sequoia Capital India, Omidyar Network, and Bill & Melinda Gates Foundation. Competitors include PharmEasy, Netmeds, and Flipkart Health Plus in India's e-pharmacy market, projected to grow 40-45% annually per 2022 KPMG-FICCI report due to internet expansion. The round supports scaling against rivals and ecosystem growth under Tata Group, which also owns BigBasket and Curefit. Later efforts to raise $200 million faced valuation pushback to $750-800 million from investors like Novo Holdings and CPPIB. |
| Jan 2020 | Series A | Bill & Melinda Gates Foundation (lead) | $10M | - | 1mg Technologies Pvt. Ltd., an online pharmacy and health-technology startup founded in 2011 by Gaurav Agarwal, Prashant Tandon, and Vikas Chauhan, raised Rs 71 crore (approximately $10 million) from the Bill & Melinda Gates Foundation in a venture round around January 2020. The foundation was allotted 20,629 Class 5 Compulsorily Convertible Preference Shares (CCPS) at Rs 34,317.87 per share, reflecting a premium over the fair market value of Rs 22,008.81 per share. The funds were intended to meet current and future operational needs, with institutional investors holding 83.28% post-investment. Prior to this round, 1mg had raised significant capital, including $70 million in a Series D round in June 2019 led by Corisol Holdings with participation from International Finance Corporation and others, $15 million Series C from HBM Healthcare in July 2017, and Rs 100 crore Series B in April 2016 led by Maverick Capital Ventures. The platform enables users to purchase medicines, healthcare products, consult doctors, and book diagnostic tests, serving over 1,000 cities with 150 million visitors and 25 million orders delivered. |
| Jun 2019 | Series D | Corisol Holding AG (lead); International Finance Corporation (lead); HBM Healthcare Investments; Maverick Ventures; Sequoia Capital; Omidyar Network; Kae Capital | $70M | $200M | 1mg is an integrated healthcare platform based in Gurugram, India, offering e-pharmacy, e-consultation, and e-diagnostic services. Founded in 2013 initially as Healthkartplus before becoming a standalone entity in 2015, the company operates an online store and mobile app where patients can purchase medicines and healthcare products, book online consultations with doctors, and access diagnostic services and lab tests. The company also offers partnerships with insurance providers for annual health checkups and manages pharmacy operations within hospitals. In June 2019, 1mg closed a Series D funding round of $70 million led by Corisol Holdings (a European family office and largest shareholder in Europe's e-pharmacy leader Zur Rose) and the International Finance Corporation (World Bank's investment arm). The round valued the company at $200 million post-money. Additional investors included South Korean venture capital funds led by Redwood Global-Korea Omega Healthcare, along with existing investors Sequoia Capital, Maverick Ventures, HBM Healthcare Investments, Omidyar Network, and Kae Capital. At the time of the funding round, 1mg demonstrated strong traction with approximately 70 million patients from across India having accessed the platform in the prior year for e-pharmacy, e-consultation, and e-diagnostic services. The company had grown 2.5 times year-over-year by March 2019 and targeted three to four times growth for the year ahead. The company was strengthening offline infrastructure and investing in artificial intelligence and machine learning capabilities. The Series D capital was allocated toward accelerating business growth, with significant portions directed to supply chain infrastructure and marketing activities. Prior to this round, 1mg had raised approximately $33 million from investors. The platform competes in India's crowded e-pharmacy space alongside players such as Netmeds, PharmEasy, and MedLife, with the sector characterized by aggressive discounting to attract consumers. |
| Apr 2019 | Series A | Redwood Global Healthcare Fund (lead) | $10M | - | 1mg raised USD 10,320,000 in a funding round in April 2019 led by Redwood Global Healthcare Fund to support growth and market expansion. The post-money valuation for this round was not publicly disclosed. |
| Mar 2018 | Series C | Maverick Ventures (lead) | $10M | $75M | 1mg Technologies Pvt. Ltd., operating as an online pharmacy and health-tech platform founded in 2011, raised nearly $10 million (Rs 65 crore) in a bridge round in April 2018 from existing investors including Maverick Capital Ltd., Sequoia Capital, and HBM Healthcare Investments Ltd. The round was conducted at a pre-money valuation of $75 million. The funding supported expansion of operations and technology enhancements. The Gurugram-based company enables customers to order medicines, consult doctors online, and book diagnostic lab tests, with online medicine sales comprising 60% of revenue by 2018. It reported over eight million unique monthly users and positioned itself as the largest player by net sales in India's online pharmacy segment, competing with PharmEasy, Myra, and Netmeds. Revenue from operations surged over eight times in FY2018, though losses increased more than threefold. Previously, 1mg had raised $6 million in April 2015 and acquired homeobuy.com in June 2015. This bridge round preceded larger raises, including $70 million in Series D in June 2019 at around $200 million valuation. |
| Jul 2017 | Series C | HBM Healthcare Investments (lead); Maverick Ventures; Omidyar Network; Kae Capital; Peak XV Partners | $15M | - | - |
| Jul 2017 | Series C | Maverick Ventures | $12M | - | 1mg Technologies is an online pharmacy platform founded in 2011 that allows customers to order medicines, consult with doctors, and purchase health products, while also offering diagnostic services and lab tests. The company operates in India's competitive e-pharmacy sector and was the largest player by net sales as of early 2019. In July 2017, 1mg raised funding from multiple sources including HBM Healthcare Investments and Maverick Capital Ventures, with reported rounds of $12.2 million and $15 million, though the exact breakdown and post-money valuations for these rounds were not disclosed. The company's operating revenue surged significantly during fiscal year 2017-18, though exact figures were not publicly stated. By 2019, 1mg had raised approximately $188.8 million in total funding and achieved unicorn status with a $1.25 billion valuation after a $40 million funding round backed by Tata Digital. |
| Jun 2017 | Series A | HBM Healthcare Investments (lead); Peak XV Partners (lead); Omidyar Network India; Maverick Ventures; Omidyar Network | $10M | - | 1mg Technologies is an Indian e-pharmacy platform operating three primary business verticals: pharmaceuticals (1mg.com), diagnostics (1mglabs.com), and doctor consultations (1mgdoctors.com). The company was launched in April 2015 after Healthkart separated and rebranded its generic drug search business, HealthkartPlus, as 1mg Technologies Pvt Ltd. For the fiscal year ending March 31, 2018, 1mg reported total revenue of $5.4 million USD (INR 39.8 crore), representing 223% year-over-year growth. E-pharmacy generated the largest revenue contribution at $3.1 million USD (INR 23.2 crore), while diagnostics contributed $1.1 million USD (INR 8.8 crore), with growth rates of 268% and 214% respectively. During FY18, the company reported a net loss of $11.9 million USD (INR 88 crore) and total expenses of $17.4 million USD (INR 128 crore), reflecting the significant investment required to scale its healthcare marketplace operations across India's digital health market. |
| Apr 2016 | Series B | HBM Healthcare Investments (lead); Maverick Ventures (lead); Omidyar Network India; Omidyar Network; Peak XV Partners | $16M | - | 1mg is an online pharmacy and digital healthcare platform operating in India. The company sells medicines online, operates a diagnostic and imaging tests marketplace (following its acquisition of Medd in July 2016), and plans to launch smart prescriptions and personalized health feeds. In April 2016, 1mg raised Rs 100 crore ($15 million) in a Series B round led by Maverick Capital Ventures, with participation from existing investors Sequoia Capital India, Omidyar Network, and additional funding from HBM Healthcare Investments. The funding was intended to expand 1mg's online pharmacy selling approximately 100,000 medicines, scale its diagnostics vertical, and expand geographic reach from 12 to 30 cities by March 2017. For FY16, 1mg earned Rs 1.9 crore in revenue primarily from online medicine sales, with an average order ticket size of Rs 1,250. By mid-2016, the platform claimed over six million app downloads and 80 million annual visits, positioning itself as the largest player in India's online pharmacy segment by net sales. |
| Oct 2015 | Pre-seed | - | $200K | - | - |
| Apr 2015 | Series A | Omidyar Network India; Omidyar Network; Intel Capital; Peak XV Partners; Ajeet Khurana | $6M | - | 1mg, originally launched as HealthkartPlus and rebranded in April 2015, is an Indian e-pharmacy platform offering online medicine orders, doctor consultations, diagnostic lab tests, and health content. The company raised $6 million in April 2015 from investors including Sequoia Capital (now Peak XV Partners), Kae Capital, Intel Capital, and Omidyar Network, with additional participation noted from MakeMyTrip founder Deep Kalra. The platform operates in pharmaceuticals, labs, and doctor consultations, expanding from 12 cities with plans to reach 30 by March 2017. It shifted to a marketplace model, as reflected in reduced stock purchase expenses in FY16. Revenue in FY16 was Rs 1.9 crore primarily from online medicine sales, with an average order value of Rs 1,250. FY18 revenue reached INR 39.8 crore, with e-pharmacy at INR 23.2 crore and diagnostics at INR 8.8 crore. Competitors include PharmEasy, Myra, and Netmeds. |
Who has invested in 1mg?
20 investors have backed 1mg across its funding rounds, including Maverick Ventures, Omidyar Network, HBM Healthcare Investments, Peak XV Partners, Omidyar Network India and Kae Capital.
Lead investors include Tata Digital, Bill & Melinda Gates Foundation, Corisol Holding AG, International Finance Corporation, Redwood Global Healthcare Fund and 3 other investors.
1mg Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 6 | Lead | Apr 2016 | ||
| 5 | Lead | Apr 2016 | ||
| 5 | Participant | Apr 2015 | ||
| 4 | Lead | Apr 2015 | ||
| 3 | Participant | Apr 2015 | ||
| 2 | Participant | Jul 2017 | ||
| 1 | Participant | Sep 2022 | ||
| 1 | Participant | Sep 2022 | ||
| 1 | Lead | Jun 2019 | ||
| 1 | Participant | Sep 2022 | ||
| 1 | Lead | Jan 2020 | ||
| 1 | Lead | Sep 2022 | ||
| -- | 1 | Participant | Sep 2022 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by 1mg
1mg has acquired 3 companies to date.
Last acquisition by 1mg was on September 1st 2017. 1mg acquired Dawailelo for undisclosed valuation.
Latest Acquisitions by 1mg
| Description | Dawailelo is a Varanasi-based online platform connecting consumers with local pharmacies in India. The startup enables medicine ordering, price comparisons, and home delivery through a network of verified medical stores in Uttar Pradesh. It addresses accessibility in tier-2 cities by integrating digital payments and real-time inventory tracking. | MediAngels is a Mumbai-based telemedicine platform connecting patients to 350 accredited specialists from over 20 countries. It offers second opinions and consultations in super-specialties via technology, addressing global healthcare access gaps. | Medd.in is a Gurgaon, India-based online marketplace enabling users to book diagnostic tests and imaging services from partnered labs and centers. The platform covers blood tests, X-rays, MRIs, and health packages with home sample collection available in major cities. |
| HQ Country | |||
| HQ City | Varanasi | Mumbai | Mumbai |
| Deal Date | 1 Sep 2017 | 14 Dec 2016 | 5 Jul 2016 |
| Valuation | undisclosed | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all 1mg acquisitions and their M&A valuation multiples. Start Free Trial | |||
1mg Competitors
1mg competitors include listed companies like GoodRx and JMDC, and private ones like PharmEasy, Apollo Healthco, Hazel Health and Noom.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $797M | $173M | $1.2B | 1.8x | ||
| Publicly listed | $324M | $88M | $1.5B | 4.6x | ||
| Private | $250M | - | $710M | - | ||
| Private | - | $18M | $2.7B | - | ||
| Private | - | - | $554M | - | ||
| Private | $400M | - | $3.7B | 9.3x |
1mg Public Comps
1mg is no longer listed, but its public comps include AiN Group, Redcare Pharmacy, Omada Health, Certara, GoodRx, Teladoc, Dis-Chem Pharmacies, Create SD Holdings, LBX Pharmacy and Nutex Health.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4.2B | $310M | 0.5x | 0.5x | 6.4x | 5.8x | |||
| $3.4B | $43M | 0.4x | 0.4x | 35.5x | 15.6x | |||
| $260M | ($10M) | 3.8x | 3.1x | (98.6x) | 48.5x | |||
| $419M | $103M | 3.4x | 3.6x | 13.9x | 12.0x | |||
| $797M | $173M | 1.8x | 1.8x | 8.1x | 5.5x | |||
| $2.5B | $124M | 0.6x | 0.6x | 11.3x | 5.0x | |||
| $2.6B | $194M | 0.7x | 0.6x | 9.1x | 8.4x | |||
| $3.2B | $192M | 0.4x | 0.4x | 6.0x | - | |||
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Common questions about 1mg
| When was 1mg founded? | 1mg was founded in 2015. |
| Where is 1mg headquartered? | 1mg is headquartered in India. |
| Is 1mg publicly listed? | No, 1mg was acquired by Tata Digital in June 2021. |
| Who acquired 1mg? | 1mg was acquired by Tata Digital in June 2021. |
| How much was 1mg acquired for? | 1mg was acquired for $400M in June 2021. |
| What is 1mg's valuation? | 1mg was last valued at $1.3B in its strategic investment round in September 2022. |
| How much funding has 1mg raised? | 1mg has raised $200M across 11 funding rounds. |
| What was 1mg's last funding round? | 1mg's last funding round was a $40M strategic investment round in September 2022, led by Tata Digital. |
| Who are 1mg's investors? | 1mg's investors include Maverick Ventures, HBM Healthcare Investments, Omidyar Network, Peak XV Partners, Omidyar Network India, Kae Capital, MPOF Mauritius, Elev8 Venture Partners, Corisol Holding AG, Rubal Jain and 10 others. |
| What is 1mg's revenue? | 1mg's latest recorded revenue is $67M (September 2022). |
| What is 1mg's revenue multiple? | 1mg's latest valuation implies a 18.8x revenue multiple ($1.3B valuation on $67M of revenue). |
| Which companies are comparable to 1mg? | Companies comparable to 1mg include GoodRx, JMDC, PharmEasy, Apollo Healthco, Hazel Health and Noom. |
| How many companies has 1mg acquired? | 1mg has acquired 3 companies, including Dawailelo, MediAngels and Medd.in. |
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