Online pharmacy 1mg has entered the unicorn club after an internal funding round led by Tata Digital. The company raised $41 million, valuing it at $1.25 billion. The funding round also saw participation from existing investors MPOF Mauritius, HBM Healthcare Investments, and KWE Beteiligungen, among others.
Tata Digital has infused about Rs 254.63 crore for 24,711 shares of the company. The total number of shares allotted in this round is 30,992, with each share being priced at a premium of Rs 103,046. This is the third unicorn under the Tatas’ ecommerce venture, after e-grocer BigBasket and Mukesh Bansal’s Cultfit. The platform delivers health products to over 1,800 cities.
The recent funding will allow the company to ramp up its play against competition coming from Reliance’s Netmed and PharmEasy. Tata Digital had acquired 1mg at a valuation of around $450 million in June last year. Tata Digital owns a little over 62% in the e-pharmacy.
Tata 1mg was launched to offer medicine delivery, health and wellness products, diagnostics services along with doctor consultancy. The platform claims to have a supply chain covering over 20,000 postal codes in the country. It also launched 60-minute delivery of medicines in select cities, including the Delhi-NCR region, last year.