After an internal round of funding led by Tata Digital, Gurugram-based healthcare company 1mg has entered the unicorn club. As per the sources, the company has raised USD 41 million. After this, it has been valued at USD 1.25 billion. It is to be noted that Tata Digital acquired 1mg at a valuation of about USD 450 million in June last year.

As per media reports, the new financing took a significant premium. The discussions were to close at a higher valuation before the markets turned rough. The company will likely raise a bigger round later this year or next. As per regulatory filings, about USD 40 million in funding has already come with Tata Digital and other players participating.

This new funding has come when Netmeds and PharmEasy, rivals of 1mg, also seek to raise a new round of funding.
Founded by Prashant Tandon, Gaurav Agarwal, and Vikas Chauhan in 2015, 1mg is an online pharmacy which provides healthcare services, including e-pharmacy, e-consultation, diagnostics, and also health content.
Headquartered in Gurugram, the company saw its revenue from operations more than double to Rs 627 crore in FY22 compared to Rs 309 crore. In the same period, its losses rose nearly 70% to Rs 526 crore.