Tuesday , 7 December 2021

1mg – Company Profile

1mg is a leading online consumer healthcare platform, a one-stop shop for all heath needs. The company offers a range of services such as home delivery of prescription medicines and healthcare products, online doctor consultation, and lab tests. The company sells all types of medicines on its platform including allopathic, homeopathic, ayurvedic, vitamins and nutrition supplements. Most of these products are available at attractive discounted rates, which is quite advantageous for customers.

1mg is headquartered in Gurugram and delivers its services across the country. It has presence in more than 1000 cities and has successfully processed more than 25 million orders till date. The company has witnessed strong growth in recent times, as more and more people are preferring to order medicines online.

History:

1mg’s journey can be traced back to 2013 when the website was launched as HealthKartPlus. At that time, the primary objective of the website was to provide detailed information about various medicines and their respective generic alternatives. Due to lack of awareness, people often ended up buying costly medicines. With HealthKartPlus, it became easier to find cheaper alternatives that had the same chemical composition. This made a big difference to users and the website started registering thousands of visitors every day. Later, 1mg website was launched in 2015.

Based on user feedback, 1mg started retailing medicines and healthcare products on its platform. Online doctor consultation and lab tests were also added subsequently.

Funding:

1mg has received investments worth USD 191.3 million via fifteen rounds of funding. Key investors include Sequoia Capital, Maverick Ventures, HBM Healthcare Investments, Kae Capital, and Omidyar Network.

Acquisitions:

Till date, 1mg has made three acquisitions. Medd, a diagnostic test booking platform, was acquired in July 2016. In the same year, 1mg acquired MediAngels, an online platform that enabled users to book doctor consultation. In 2017, 1mg acquired Dawailelo, an online platform for buying medicines, booking lab tests and finding the right doctor.

Competitors:

1mg competes with other online consumer healthcare platforms such as Medlife, Netmeds, and PharmEasy.

About the Founders:

1mg was founded by Prashant Tandon, Gaurav Agarwal and Vikas Chauhan. Prashant Tandon currently serves as the CEO of 1mg. Prior to launching 1mg, he had worked with leading companies such as Unilever, Hindustan Lever Ltd, McKinsey and Company and MapmyIndia. Co-founder Gaurav Agarwal currently serves as the CTO of 1mg. He had earlier worked with Taproot Foundation, NetApp, and Zynga. Both Prashant and Gaurav are alumni of IIT Delhi. Co-founder Vikas Chauhan has an MBA in marketing from K J Somaiya Institute of Management.

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