Gurgaon-based Healthkart’s drug search business 1MG, has acquired online homeopathic drug store Homeobuy. With the acquisition, Homeobuy has been rebranded to 1mgAyush, that will now deal in Homeopathic and Ayurvedic medicines and will operate the homeopathy store in New Delhi.
This acquisition comes just two months after Healthkart spun off its generic drug search business HealthkartPlus and rebranded it to 1MG. The company also raised $6 million for its new business from MakeMyTrip Founder Deep Kalra and other investors such as Sequoia Capital, Omidyar Network, Intel Capital and Kae capital. 1MG has a database of over 100,000 drugs with detailed information on their side effects, interactions and composition. Also, it has a price comparison feature.
Founded in July 2014 by Vivek Singh (former executive of ranbaxy Lab), Homeobuy raised angel funding from Amit Sodhi. It deals in both Indian and imported homeopathic medicines. Post this acquisition, Vivek will join the 1MG team.
Related Tags:Gurgaon based Healthkart, drug search business, 1MG, online homeopathic drug store, Homeobuy, acquisition