1mg Acquires Diagnostic Labs Aggregator Medd and Brings Ankur Gigras on Board
1mg has over 6 million app downloads and 80 million annual visits on its platform. It has recently raised over Rs.100 crore in Series B funding led by Maverick Capital Ventures, with participation from existing investors Sequoia India and Omidyar Network.
India’s premier digital health destination 1mg has announced that it has acquired Medd.in, a platform that operates a marketplace for booking diagnostic & imaging tests. The deal size and structure have not been disclosed. Medd.in was co-founded by IIT Bombay graduates Arpit Kothari and Anurag Mundhada and Carnegie Mellon graduate Era Dwivedi in 2015, who have now joined the 1mg team. Medd operates across Mumbai, Indore, Bhopal, Nagpur, Bangalore and Jaipur.
“With this acquisition, we are accelerating our drive to provide best healthcare to our customers,” said Prashant Tandon, CEO 1mg. “Together with Medd, we see a unique opportunity to amplify our leadership position and enter new geographies as well as the Radiology segment.”
“We are looking forward to working as a part of the team at 1mg and leveraging the scale of the platform to build on our vision to simplify and make high quality diagnostic services affordable to all” said Arpit, co-founder and CEO Medd. “Medd is a splendid solution to a serious pain point. I congratulate the folks at 1mg for picking up this great asset. Both are stronger as a result of this acquisition,” said Ajeet Khurana, investor in Medd.
The e-diagnostic service of 1mg is currently available across 23 cities, powered by tie ups with top-quality certified laboratories. Users book an appointment for at-home sample collection and receive their test results online with the added option of receiving a paper copy. By using the 1mg platform, users can make savings of 40-60% on their lab tests requirements.
Additionally, 1mg has brought on-board Ankur Gigras, former Marketing Head for Gastroenterology at Abbott. Ankur will be responsible for overseeing the Diagnostics Business and additionally drive innovative patient centric models with Pharma, Insurance and the rest of the healthcare ecosystem. Ankur holds an MBA from Stanford GSB & 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.
"Over the last few months, we have been extremely focused on strengthening our team and capabilities. We are delighted to get quality talent like Ankur, Arpit and Anurag on-board as they come with a set of business and healthcare experiences that are valuable at this juncture of our growth. Their addition is going to give a solid impetus to drive the creation of India's next generation diagnostics business” said Prashant
On his move to 1mg, Ankur shared “I believe 1mg has created an exceptional platform which is engaging consumers at scale in a very unique way. This platform opens up tremendous opportunities to change the way healthcare works - the direct connect with the patients makes the creation of "patient centric" models a reality; something that has been always discussed across the ecosystem, but could never get off the ground. I think 1mg will materially change how a consumer experiences healthcare, they have the best in class team and I am really excited to hop on board".
1mg plans to grow rapidly with the goal of becoming India’s largest platform for health services. “We believe given the fragmentation of the industry, the largest platforms will be digital marketplaces as India leapfrogs brick-and-mortar based retail” Tandon adds.
1mg has over 6 million app downloads and 80 million annual visits on its platform. It has recently raised over Rs.100 crore in Series B funding led by Maverick Capital Ventures, with participation from existing investors Sequoia India and Omidyar Network. It also raised an additional funding from HBM Healthcare Investments AG, a global fund catering exclusively to the healthcare sector.
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