Digital Healthcare and Online pharmacy 1mg Technologies acquired MediAngels for an undisclosed amount in cash and stocks deal.
With this acquisition, 1mg has marked its entry into the lucrative super specialty consultations, corporate health services and insurance partnerships.
“Our consumers can now access a deep network of over 450 super specialists across India and the world, and we also get an entry into the corporate health space through this platform,” 1mg’s co-founder Prashant Tandon stated for the acquisition.
MediAngels was founded by Arbinder Singhal and Debraj Shome in 2011 providing a platform for patients to seek online consultations for specialized medical cases in cardiology, cancer, neurosurgery, orthopedics and pediatrics, among other areas, from its network of doctors covering 93 specialties.
“Within 1mg ecosystem, we plan to scale up second opinions and drive B2B engagements with more insurers and corporates. Our robust technology tools will help them optimize employee benefits spends on healthcare and to have a healthier workforce,” Singhal stated.
The entire team of 12 at MediAngels is now part of 1mg. MediAngels will continue to build the doctor network and B2B health services for the corporate users in Mumbai led by Arbinder Singhal.
In July’16, 1mg acquired Medd, a diagnostics and imaging tests marketplace. Backed by Maverick Capital Ventures, HBM Healthcare Investments AG, Sequoia Capital and Omidyar Network, 1mg has raised over Rs100 crore in series B round of funding this year.
1mg was earlier known as HealthkartPlus, the generic drug search business of Healthkart, an online vendor of health products run by Bright Lifecare Pvt. Ltd. In April 2015, HealthkartPlus was spun off into a separate entity and rebranded as 1mg. 1mg has 30-40 pharmacies that fulfil medicine orders, across 13 cities. 1mg is preparing to roll out subscription services for patients with chronic health issues such a diabetes, blood pressure, among others. 1mg is planning to expand to 30 cities in the next six to nine months.
Having a mixed model of online consultation, e-pharmacy and diagnostics space, 1mg has to face Practo as major competitor. Other players of same domain include Netmeds, Zigy etc.