1mg (IFC-42489)

Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 13, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
1MG TECHNOLOGIES PRIVATE LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 70.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 11, 2019

Disclosed by Bank Feb 28, 2019


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Project Description

According to the bank website, "the proposed investment is an equity investment for the project (i) rollout of its e-pharmacy, e-diagnostics and pharma distribution to underserved cities (ii) increasing share of full stack model in large cities to improve fill rates and turnaround times (TAT) (iii) improving product mix; (iv) expanding bouquet of diagnostic services and (v)investing in brand building."

Investment Description
  • International Finance Corporation (IFC)

According

Private Actors
  • 1MG -- Implementing Company

According to IFC, 1mg was founded by Mr. Prashant Tandon and Mr. Gaurav Agarwal who now serve as its Chief Executive Officer (CEO) and Chief Technology Officer (CTO) respectively. The lead investors are Maverick Ventures, Sequoia Capital, Corisol Holdings AG, HBM Investments and Omidyar Network.

Contact Information

1MG TECHNOLOGIES PRIVATE LIMITED
Prashant Tandon
CEO
+91-124-4166666
pt@1mg.com
1st floor, Motorola Building, MG Road, Sector 14, Gurugram, 122001
www.1mg.com

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/