Medicine e-tailer 1mg acquires diagnostics marketplace Medd.in

5 Jul, 2016

1mgOnline drug marketplace 1mg has acquired Medd.in, a platform that operates a marketplace to book diagnostic and imaging tests, for an undisclosed amount.

"Together with Medd, we see a unique opportunity to amplify our leadership position and enter new geographies as well as the radiology segment," said Prashant Tandon, CEO at Gurgaon-based 1mg Technologies Pvt Ltd, said in a statement.

The founders of Medd.in joined 1mg after the acquisition, the statement said.

Medd.in, operated by HolaMed Healthcare Technologies Pvt Ltd, was founded in 2015 by IIT-Bombay graduates Arpit Kothari and Anurag Mundhada and Carnegie Mellon graduate Era Dwivedi. Medd operates across Mumbai, Indore, Bhopal, Nagpur, Bangalore and Jaipur.

Medd allows users to compare and choose accredited labs and hospitals and also offers discounts for preventive health check-ups. The company had raised seed funding from angel investor Ajeet Khurana in May 2015. In October 2015, it raised $150,000 (about Rs 1 crore) in a bridge round of funding from angel investors.

The acquisition comes barely two months after 1mg raised Rs 100 crore ($15 million) in a Series B round led by Maverick Capital Ventures, the venture capital arm of US-based hedge fund Maverick Capital, and existing investors Sequoia Capital and Omidyar Network.

It also raised additional funding from HBM Healthcare Investments AG, a global fund catering exclusively to the healthcare sector.

In another development, 1mg said it has hired Ankur Gigras, former marketing head for gastroenterology at Abbott, to oversee the diagnostics business.

Gigras holds an MBA from Stanford Graduate School of Business and B. Tech from IIT Madras. He has worked with McKinsey, investment Bank William Blair and Abbott Nutrition (where he helped executing their growth strategy in India) in the past.

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