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Funding Alert Unicorn
- as ifStart Story | September 6, 2022
An online health technology platform owned by Tata 1 mg It has joined the coveted unicorn club with around $40 million in fresh funding in a funding round led by the Mumbai-based company. Tata DigitalA startup valued between $1.25 and $1.30 billion.
Based on an application with the Ministry of Corporate Affairs, Tata 1MG’s board has approved a special resolution to issue 30,992 equity shares at a premium of Rs 1,03,046 each, the firm said (MCA). So the company has collected about 40 million dollars or about 319.36 rupees.
According to estimates, the premium was more than 5 times 1mg’s previous financing, valuing the business at $240 million. Tata 1mg was valued at between $1.25 and $1.30 billion in the last round.
The round was led by Tata Digital, which invested around Rs 254 crore or around $32 million, followed by KWE Beteiligungen AG, HBM Healthcare Investments, MAF Mauritius, MPOF Mauritius and individual investors Rubal Jain and Vardhan Sharma, according to MCA filings.
The current round of funding for Tata 1mg comes as health technology companies struggle with the waning coronavirus outbreak, which has dampened demand for online services as regulations are relaxed.
to 1 mg
In 2013 as Healthkartplus by Prashant Tandon., Gaurav Aggarwal And Vikas Chauhan, 1mg first focused on the alternative medicine area with AYUSH products. Over the years, he has made a name for himself 1 mg It is an online pharmacy and healthcare platform that provides medicines, laboratory tests and doctor consultation. Currently, the platform lists about 2,000 tests and 120 certified laboratories, and users can consult a doctor with 20 specialties.
The Gurgaon-based startup earns from its services like diagnostics, drug sales, preventive healthcare and online consultations as well as through native ads on the platform. The company offers services including e-pharmacy, diagnostics, e-advice and health content.
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