CORPORATE UPDATEConnect with us on ehealthmagazine @ehealthonline eHEALTH Magazine eletsvideos JULY 2019 41
Corporate Acquisitions/Appointments
HealthAssure secures $2.5 mn in series A funding
Dhanuka Labs plan to take over
debt ridden Orchid Pharma,
NCLT approvesAlteria Capital invests $4.5
million in healthtech AISun Pharma enters licensing agreement with China
Medical System HoldingsHealthtech startup 1MG raises $70 million in series D funding
HealthAssure, a Mumbai-based aggregator, has secured a funding of worth
$2.5 million. The series A funding round was led by Blume Ventures, an early
stage venture capital fund.
The healthtech startup was founded in in 2011 by Varun Gera. It is an
aggregator of primary care services for corporates and individuals and helps
bring day-to-day care closer to individuals.
The company will use
the fund to augment its
health-tech platform,
create sharper products
that serve various
primary care needs of
the Indian market more
effectively including
insurance OPD products, build better data capabilities leveraging AI & ML and
strengthen distribution.
Responding to the development, Varun Gera, Founder & CEO of
HealthAssure said, “We are proud to be associated with Blume through this
round of funding. Blume has established itself as one of the most vibrant start-
up ecosystems in India and we look forward to leveraging their strengths in our
journey of consumerising healthcare.Under the Insolvency and Bankruptcy
Code (IBC), The National Company Law
Tribunal (NCLT) approved Gurgaon-
based Dhanuka Laboratories’ resolution
plan of Rs 1,116 crore to take over the
financially troubled pharmaceutical
company, Orchid Pharma.
The Chennai bench of NCLT held
the view that a majority of the financial
creditors had approved the bid by
Dhanuka overruling an objection filed
by Accord Life Spec.
As per the terms set, the lenders
will get about Rs 1,116 crore including
Rs 570 crore quoted by Dhanuka Lab.
A consortium of 24 banks has lent a
total of over Rs 3,200 crore to the drug
maker and the lenders will be taking a
haircut of around 65 percent.Bengaluru-based healthtech startup
mfine recently announced that it raised
$4.5 million in debt funding from
venture debt firm Alteria Capital.
The funding will be used to maximise
its investments in AI, mobile engineering
and hardware integration. Mfine is also
planning to expand its hospital network
in some of the metropolitan cities in the
next six months.
“We are able to bring high-
quality healthcare to users’ mobile—
be it doctor consultations, medicine
orders, diagnostics tests or digital
tools. The recently closed Series B and
Alteria’s current investment are an
endorsement of our differentiation and
potential to create a large-scale health-
tech business,” mfine co-founder andSun Pharmaceutical Industries said
one of its arms has entered into
a licensing pact with a subsidiary
of China Medical System
Holdings for the development and
commercialisation of its dermatology
products, marking its entry into
the Greater China Market.
The agreement is to develop and
commercialise Tildrakizumab, its lead
product in Greater China, including
Mainland China, Hong Kong Special
Administrative Region, Macao SpecialAdministrative Region and Taiwan.
China Medical System will pay Sun
Pharma an initial upfront payment,
regulatory and sales milestone
payments, and royalties on net sales,
the terms of which are confidential,
the company said in a statement.1MG, a Gurugram based healthtech
startup, has raised $70 million funding
led by Switzerland’s Corisol Holdings
with participation from the World
Bank’s investment arm IFC.
Other investors including Redwood
Global, Korea Omega Healthcare Fund,
existing investors such as Sequoia Capital,
Maverick Ventures, HBM Healthcare
investments, Omidyar Network and Kae
Capital also participated in series D round
of funding.
1MG, which deals in online pharmacy
and diagnostic labs was started in April
2005 by three founders Prashant Tandon,Gaurav Agarwal, and Vikas Chauhan.
With the latest round of funding,
the startup aims to set up labs in 100
cities in India, and epharmacy services
available in tier-3 cities as well as villages.
The company would also develop AI-
based products in order to provide better
services to people at large.