Indian online pharmacy 1mg raises $41 million in new round, turns unicorn

Oluwajuwonlo Afolabi -

Img, an India-based online pharmacy has raised $41 million in its new funding round led by Tata Digital with participation from other investors and is now the latest unicorn startup in India.

  • The healthtech startup is now valued at $1.25 billion with its fresh raise, making it the latest to the unicorn club in India. Tata Digital acquired 1mg pharmacy last June, at a $450 million valuation.
  • Tata 1mg online healthcare app allows users in India to order medicines, buy health and wellness products, book lab tests from home, and consult doctors from home. These digital health services are available to users in 1000+ cities in India, including Delhi, Gurgaon, Noida, Mumbai, Pune, Ahmedabad, Lucknow, Bangalore, Kolkata, and others.
  • The healthtech company doubled its revenues from operations to over $78 million in FY 2022, from $38 million. It looks to further raise a new round this year or next year, it claims.
  • PharmEasy, CureFit, MeddiBuddy, Mfine, PierianDX, Qure.ai, Truemeds, Wysa, Plum, and Eka Care among others are 1mg competitors in the digital medical service space in India.