Case study of 1Mg Start-up.
About and Info:
An online marketplace of medicines which deals with all types of medicines for the consumers. Medicines are provided at discount rates to the customers through the mobile app or the website. With more than 5M download and 3 M visits has established its place in the market.
The website was started by the Healtkartplus who have all the information regarding any medicines. After the success of it people demands the delivery of medicines at their doorstep.
- Founder: Prashant Tandon, Gaurav Agarwal, and Vikas Chauhan
- Founded: 2013
- Headquarter: Gurgaon
Funding Investors:
- It has raised about 37 million dollars in 2 years.
- It has 6 investors that provide funds to it.
- Intel Capital, Omidyar Network, Sequoia funded 6 million dollars to it.
- 16 million funds were received by existing investors.
- 15 million dollars from HBM Healthcare investments AG, Sequoia and Maverick Capitals.
Business Model:
Services like diagnostics, medicines, preventive healthcare and online Q/A to the users are provided through it. They also have native ads for pharma companies on their platforms.
Marketing strategies:
- Uses its app for spreading information related to the medicines.
- Push notifications and emails are used to reach more and more people.
- Offline advertisements.
- Healthcare campaign and Newspaper to spread information.
Challenges Faced:
- Less number of staffs
- Delaying in orders
- Reaching to more and more people
- Funding problems at initial stages
- Availability of medicines
Successive Factors:
- Online delivery of medicines
- Less time consuming
- Availability of all types of medicines
- Funding from well-known companies
- Fast delivery options
Result:
It is India’s leading digital healthcare platform. It has grown 600% in terms of app downloads and user engagement over last year. Most users are from metro cities like Delhi, Bangalore, Pune, Chandigarh, Jaipur, etc.
