1Mg Labs

 

1Mg Labs 1mg labs

1Mg Labs ,Online tending start-up 1mg Technologies Pvt. Ltd plans to begin commerce vitamins, health supplements and medical devices on its platform in a very bid to boost margins over following 5 weeks, in step with a tycoon of the corporate.

According to Prashant Tandon, chief govt at 1mg, trade margins on vitamins in retail area unit to the tune of 35%-45%, a lot of beyond pharmacy (20%-24%).1Mg Labs

While the segments area unit nevertheless to be launched, Tandon expects them to contribute anyplace between five-hitter and 100% of revenue by March 2017. Currently, 1mg gets 75%-80% of its revenue from pharmacy.1Mg Labs

1mg operates an internet marketplace for medicines, besides facilitating medical appointments and assay bookings. Last month, it nonheritable diagnostic labs someone Medd (HolaMed tending Technologies Pvt. Ltd) for AN unrevealed quantity, in a very move geared toward boosting its diagnostic footprint.1Mg Labs

Besides aggregating third party labs like Thyrocare, eudaemonia Pathcare, Metropolis etc, it additionally offers custom work packages underneath the 1mg umbrella. 1mg ties up with NABL certified labs at the back-end, United Nations agency offer the laboratory services for this giving.1Mg Labs

1mg offers custom packages to shoppers, that area unit appropriate for our client base and these area unit then tested through certified laboratory partners. 1mgLabs, however, doesn’t operate its own laboratory.1Mg Labs

1mg was fashioned last year once Healthkart separated its drug search business HealthkartPlus as 1mg.com and raised $6 million for the new venture from existing investors.1Mg Labs

It raised Rs.100 large integer in a very Series B spherical from investors as well as Maverick Capital Ventures, the capital arm of US-based hedge fund Maverick Capital Ltd, besides existing investors cypress Capital and Omidyar Network in Gregorian calendar month.1Mg Labs

Later, in May, international healthcare-focused fund HBM tending Investments conductor additionally endowed AN unrevealed quantity within the firm. 1mg is headed by Tandon, whereas Maheshwari continues to seem once Healthkart.1Mg Labs

Health supplements area unit the core business of Healthkart. once asked if there might be a possible overlap between the 2 ventures, Tandon aforementioned whereas there would be some quantity of overlap, the audience of the 2 corporations area unit totally different.1Mg Labs

“There could be a distinction within the quite shoppers. Healthkart attracts a fitness consumer—20-30 year recent shoppers, mostly male. they are doing take multi-vitamins, fish oil, except for fitness,” aforementioned Tandon adding that for 1mg can cater principally to patients United Nations agency are prescribed supplements by doctors.1Mg Labs

“The health shoppers United Nations agency area unit ordering medicines want devices and supplements furthermore. plenty of doctors write prescriptions like vitamins, fish oils, Ca and things like that thus those shoppers additionally want a platform. For us, it’s additional regarding finishing our vary,” he said.1Mg Labs

The product are sourced from totally different vendors and 1mg will use Healthkart as a partner for the complete they turn out. Healthkart has private-label product within the nutrition and supplements business known as MuscleBlaze and Incredio.1Mg Labs

Last year, Maheshwari told Mint that personal labels facilitate Healthkart get 40%-50% margins. He additionally aforementioned these product area unit 30%-40% cheaper than foreign brands which are a magnet for duties.

In devices, 1mg can begin commerce BP monitors, glucometres, pulse oximeters etc.1Mg Labs

“Healthkart can sell its non-public brands on all relevant platforms. we tend to expect that a number of our product might be applicable for 1mg client base, and people product may definitely be thought-about. we tend to area unit perpetually experimenting with multiple channels for our non-public brands, and no reason why 1mg wouldn’t be thought-about as a possible channel for product that it is sensible,” aforementioned Maheshwari in AN email.1Mg Labs

Healthkart (Bright Lifecare Pvt Ltd) has additionally raised Rs..80 large integer in a very Series E spherical from exiting investors cypress Capital Republic of India and Kae Capital among others, Mint reportable on one August.1Mg Labs

According to a December report by Associated Chambers of Commerce and trade of Republic of India and business consulting company RNCOS, dietary supplements market in Republic of India is calculable at regarding $2 billion and is probably going to double to $4 billion by 2020. Currently, vitamins and minerals accounts for regarding four-hundredth in Indian dietary supplements market followed by flavourer supplements, it said.1Mg Labs

 

 

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