In April 2015, 1mg secured US$6 million in funding from Omidyar Network, Kae Capital, Intel Capital, Sequoia Capital and others
1mg.com (earlier HealthKartPlus), an m-commerce platform for medicines and drugs, has acquired Homeobuy, a web platform for homeopathic medicines, for an undisclosed sum. With this acquisition, 1mg will re-brand Homeobuy to 1mgAyush and make homeopathic & Ayurvedic medicines available to customers in New Delhi.
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“Alternate forms of medicines are equally important”
“We are the platform that stands for consumer health and we believe that alternate forms of medicines are equally important,” said Prashant Tandon, Founder of 1mg.
“Having seen the importance of these alternative forms of medicines and our government’s support in promoting them, we aim at creating an exhaustive platform for all health solutions. The business will continue to work on a marketplace network model and partner with quality vendors in this sector,” added Tandon.
About the firms
Launched by Vivek Singh, Homeobuy is an angel-funded startup that has a large selection of imported and Indian homeopathic and bio-chemic medicines with a detailed description of indications, active ingredients, mode of action, recommended dosage and more.
It comprises of thousands of stock-keeping units (SKUs) in its product portfolio, letting users find a wide range of homeopathic medicines, while it also provides free online consultations through qualified and expert homeopathic doctors.
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1mg is an online database of over 100,000 medicines with detailed information on their side effects, interactions and composition. It offers price comparison amongst exact formulations for the same medicine to enhance awareness about cost-effective substitutes and helps consumers save on their medicine bills.
In April this year, 1mg secured US$6 million in funding from Deep Kalra, Founder of MakeMyTrip, with participation from Omidyar Network, Kae Capital and existing investors Intel Capital and Sequoia Capital.
What the future holds
The alternative medicine space is expected to grow rapidly. Homeopathic medicine revenue is today at INR 3,000 crore (around US$470 million). With the industry growing at 30 per cent, it is expected to cross INR 5,500 crore (US$865 million) by 2017, as per an ASSOCHAM report.
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