India Deal Monitor: e-pharmacy 1mg snags $10m and more updates

India Deal Monitor: e-pharmacy 1mg snags $10m and more updates

1MG Technologies Pvt. Ltd, which operates online pharmacy 1MG, has raised about $10 million (Rs 71 crore) in funding from the Bill & Melinda Gates Foundation.

According to the filings with the Ministry of Corporate Affairs, the company has offered 20,629 class 5 preference shares at a nominal value of Rs 100 with a premium of Rs 34,317.87 per share to Bill & Melinda Gates Foundation.

The Gurugram-based startup will use the capital to meet the current and future operational needs of its business.

1MG Technologies closed its $70-million Series D funding round led by European family office Corisol Holdings and the International Finance Corporation (IFC), a part of the World Bank Group, in June last year. The round also saw participation from South Korea’s Redwood Global, Korea Omega Healthcare fund, and existing investors Sequoia Capital, Omidyar Network, Maverick Ventures, Kae Capital, and HBM Healthcare.


Here are some prominent venture capital transactions in India from February 3-February 5.

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