New Delhi: Online healthcare start-up 1mg Technologies Pvt. Ltd on Monday said it has acquired diagnostic labs aggregator Medd (HolaMed Healthcare Technologies Pvt. Ltd) in a move aimed at boosting its diagnostic footprint.
The company did not disclose the value of the transaction.
It has also roped in Ankur Gigras, a former marketing head for gastroenterology at healthcare firm Abbott India Ltd, to oversee the diagnostics business. Gigras will also drive innovative patient-centric models with pharma, insurance and the rest of the healthcare ecosystem, the company said in a statement.
Medd was co-founded by Indian Institute of Technology Bombay graduates Arpit Kothari and Anurag Mundhada and Carnegie Mellon graduate Era Dwivedi in 2015. Following the acquisition, Kothari and Mundhada will be joining the 1mg team. Medd operates across Mumbai, Indore, Bhopal, Nagpur, Bengaluru and Jaipur.
1mg operates an online marketplace for medicines, besides facilitating medical appointments and diagnostic test bookings. The e-diagnostic service of 1mg is currently available across 23 cities, powered by tie-ups with certified laboratories. Users book an appointment for sample collection from home and receive their test results online with the added option of receiving a paper copy.
“With this acquisition, we are accelerating our drive to provide the best healthcare to our customers. 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, chief executive officer of 1mg.
The deal comes after 1mg raised Rs.100 crore in a Series B round from investors including Maverick Capital Ventures, the venture capital arm of US-based hedge fund Maverick Capital Ltd, besides existing investors Sequoia Capital and Omidyar Network in April.
Later, in May, global healthcare-focused fund HBM Healthcare Investments AG also invested an undisclosed amount in the firm.
1mg claims to have over 6 million app downloads and 80 million annual visits on its platform. It has a database of about 100,000 medicines with detailed information on their side-effects and composition. It also allows consumers to do a price comparison among multiple brands of medicines with the same composition.
It appointed former Zomato executive Tanmay Saksena as its chief operating officer in May.
Source: Mint