Friends 1mg is India's health care company. Which was started in 2015 and its headquarter in Gurgaon. It has received $191.3 Million plus in funding for more than 16 inverters so far.
So, in this post I will tell you 1mg HealthTech Startup Secret and along with it the Business Model. And with this I will also share its revenue model with you.
Before explain you about 1mg business model first we have to understand the customer segment of 1mg. Let's continue....
Company Details
| City: | Gurgaon |
|---|---|
| Founders: | Gaurav Agarwal, Prashant Tandon, Sameer Maheshwari, Vikas Chauhan, Anurag Mundhada |
| Founded: | 2015 |
| Industries: | Delivery, Health Care, Pharmaceutical, Medical |
| Number of employees: | 11-50 |
| Revenue: | Rs 222.10 cr(FY22) |
| Official Website: | 1mg.com |
Customer Segment Of 1mg
- People who need medicine but that medicine is not available in their locality
- People who can not visit doctor and lab (where a doctor's prescription is required)
- Businesses that need to give health care facility for their employees
Business & Revenue Model Of 1mg
1. Lab And Diagnostic Test
When a customer places an order on their website or apps, then a representative of 1mg collects the sample by visiting the given address of the customer and he goes to his lab and gives it for testing.
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And the transaction that takes place between them, 1mg keep some percentage commission out of the amount that is made. And whatever is left, that gives it to the affiliated lab which company has partner with that labs.
2. Online Medicine Order
1mg has already partnership with many pharma company in India. When a customer orders any medicine from the website or apps of 1mg, then on the same 1mg its nearest partner pharmacist delivers the medicine to the customer.
So here you can say that 1mg acts as a mediator, which can make the customer's need fullfield. In which 1mg does its branding and along with this, comapny would have got a good name and recognition in the market.
And in today's date everything is going online where this type of company will be able to get success very soon in the market.
3. Online Doctor Consultation
If you see in the market in today's date, people do not visit to hospital because they do not have that much time.
If we fall from the roads, then sometimes we don't go to the hospital sometimes because in India the people mentality just like that. But, the upcoming companies in India I know very well
Even this month the 5G has launch in India so you can imagine that health care companies will boom from this month.
If you do not believe here, then let me tell you that in this month more than three health care Startups have been launched in India, which are being funded by big people.
With the help of online doctor consultancy, people will get their treatment or you can say prescription as soon as possible. Where 1mg provides a lot of service like this live videocall, chat with doctor and voice call any many more.
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Here 1 inch puts his mind, although comapny does not provide everything for free. But, if you are new user then you can get some free services for limited time. As you start using the application more, you will have to pay some amount which we say subscription fee.
4. Healthcare Partnership
Friends, here 1mg partners with some companies that focus on the health care of their employees. There are many companies that have partnered with 1mg for their employee health care growths.
And the company which is required to see the health care of its employee,here 1mg provides its healthcare services to company employees.
Here's 1mg business model takes to the next level.
1mg focus this model because the whole company has its employee bigger than an asset and if something happens to them then the company cannot work well. So, therefore company must need insurance company who insured all his employees.
So what 1mg does for this is that provides insurance policy to its company by tie up with its partner insurance company. And you must have known that you get a lot of money in insurance because of this 1mg is able to double his earnings.
And here if we talk about their services, then here you will get daily online health checkups, discount on medicine, etc...
5. Subscription Plans
Then you must know whether there is something in the world or not, you will definitely have a disease at some point or the other.
As soon as our age increases, we are not able to do some work then due to this we face many diseases. Just like diabetes anxiety and many more.
And when we go to the hospital for checkup, after seeing its bill its increases our diseases more than anythings.
That's why 1mg does its work here and it provides a minimum subscription fee to its customer for their health checkup, medicine prescription and many such services come in this subscription.
And along with this if you take a subscription then you will get discount on every order, free delivery, free doctor consultation and many more services.
So, friends this was the 1mg's Hidden Startup Secret that makes 1mg Unique on the Market. And looking at the business model and revenue model of 1mg. It seems that 1mg will be able to survive in the market in a very cool way.
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