Online pharmacy 1mg has joined the unicorn club after an internal round of funding led by Tata Digital, sources briefed on the matter said.
According to people briefed on the matter, the company raised $41 million, which was valued at $1.25 billion. In June of last year, Tata Digital paid approximately $450 million for 1mg.
“The new financing has happened at a significant premium.. The discussions were to close at a higher valuation before the markets turned choppy. The company will look to raise a bigger round later this year or next year,” one of the people mentioned above said.
According to regulatory filings, approximately $40 million in funding has already been received, with Tata Digital and others participating. In addition, other existing investors and Tatas have participated in the round, according to a person briefed on the matter.
When contacted, 1mg founder Prashant Tandon declined to comment, and an email sent to Tata Digital received no response when publishing the story.
In the fiscal year 2022, the Gurugram-based company’s revenue from operations more than doubled to Rs 627 crore from Rs 309 crore. On the other hand, its losses increased nearly 70% to Rs 526 crore.
The new funding comes when 1mg rival PharmEasy is also looking to raise new funds after canceling its IPO plans.
