HealthKartPlus re-brands as 1MG Technologies and raise funding for the company from Sequoia Capital and others. Bright Lifecare Pvt Ltd operates HealthKart and HealthKartPlus has separated both the portals into separate entities and function separately.
Bright Lifecare Pvt Ltd was founded in 2011 by Prashant Tandon and Sameer Maheshwari. The duo developed platform for their online presence called HealthKart, the website provides dietary supplements and health devices. The company has an agreement with Optimum Nutrition, a leading premium sports nutrition brand globally.
They renamed HealthKartPlus as 1MG, a generic medicine search engine app; the app helps users to understand their medicines better by providing better search for drugs and get information on dosage, common uses and warnings. The app provides generic drug equivalents for common prescribed brand name drugs with cost comparison. Additionally it provides details on the ingredients and precautions to be taken for during drug administration.
1MG currently operates in Delhi and Bangalore and has database of over 100,000 medicines under their belt. The app claims to have 1.5 million downloads as of now.
Prashant Tandon is the founder and Chief Executive Officer of the company. He has graduated in Bachelor of Technology in Chemical Engineering from Indian Institute of Technology, Delhi in 2002. He went to Stanford University Graduate School of Business for his Masters in Business Administration in 2007.
Prashant started his career as Business Leadership Trainee with Unilever in 2002. He worked with the company for a year and moved as Production Manager in erstwhile Hindustan Lever Ltd in 2003. He worked in the company 1.5 years and moved back to Unilever as Regional Product Development Manager in 2004. He led product development for executing the relaunch in 13 countries for largest ever brand.
In 2006 he joined McKinsey and Company as Summer Associate and became Vice President for MapmyIndia in 2007 for brief stint. He joined back McKinsey and Company as Senior Associate where he worked for 2.7 years and founded HealthKart.
Sameer Maheshwari is co founder and Managing Director of HealthKart. He has rich professional experience. Sameer graduated in Bachelor of Technology in Civil Engineering from Indian Institute of Technology, Delhi in 1997 and he did his Master of Business Administration from Harvard Business School in 2007.
He started his career as consultant in Deloitte Consulting in 1997; he developed business reengineering and technology solutions for Fortune 500 companies. He worked till March 2000 and moved Senior Sales Consultant in MicroStrategy. He managed technical sales that included product demonstration, prototyping and other activities. Sameer has long stint in the company worked for 5.2 years.
As part of MBA program, he moved to Jefferies and Company as Summer Associate for 3 months in 2006. In 2007 Sameer became Associate Director of UBS Investment Bank. He was responsible to deal execution and analytical support for equity, debt and Mergers and Acquisitions for technology companies. He held this post for a year and 9 months and moved to LucidEra as Manager cum Business Consultant in 2009. Later he founded HealthKart with Prashant.
The company received their venture funding for $6 million from Omidyar Network, Intel Capital and Sequoia Capital, total amount of funding for the company is around $22.5 million till now. Deep Kalra, founder of MakeMyTrip.com participated in this round of funding.
The funds will be utilised for expansion into other cities like Mumbai, Hyderabad, Chennai, Pune and Chandigarh by end of this year. As per arrangement Prashant Tandon will look after the 1mg and Sameer Maheshwari will take care of HealthKart. HealthKart will exit from personal care, beauty and eye care categories and focus on fitness and nutrition business. The company plans to enter into fitness services market through gym memberships and yoga trainer services.