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EPharamcy startup 1MG appoints Mayank Gupta as new CFO

EPharamcy startup and digital health platform 1MG has appointed Mayank Gupta as the new Chief Financial Officer of the company.  He will be replacing Sanjiv Gupta, who has now joined Apollo 24/7 after more than 3 year stint with the Gurugram based startup.

Image by Ranys Tuunainen from Pixabay

Gupta will now be charge of 1Mg’s Finance and Legal functions, and will be very much part of the senior leadership team. Gupta has spent almost 14 years at General Electric Group in different senior management roles. He had played a key role in helping GE bag the largest first “Make in India” project from Indian Railways.

Gupta’s last job was at Warburg Pincus funded logistic startup Ecom Express, where he held the dual position of CFO and executive Vice President from April 2019- October 2020.

Commenting on Gupta’s appointment, Prashant Tandon, Co-founder and CEO, 1mg Technologies Pvt Ltd said, “We are very excited to have Mayank join the team, as we build ourselves out to be the defining company in Indian healthcare. Mayank is an accomplished executive with significant strategic, financial and operational expertise. With his strong experiences, solid pedigree and a very accomplished track record, we are confident that Mayank will contribute to the next level growth at 1mg.”

Mayank Gupta said, “1mg represents the cutting edge of Indian digital healthcare ecosystem and has built the best in class team. It is a great opportunity to join the 1mg leadership team at such a time, especially when healthcare assumes significant mind space for all of us. I am eager to work with the 1mg team to help scale newer heights and contribute towards its long-term operational and financial excellence.”

Gupta’s appointment at 1MG has come at a time when India’s E-Pharmacy Biz has finally shaken-up. Chennai based NetMeds acquisition by Reliance industries in August has set the ball rolling for consolidation in India’s nascent EPharamcy sector. As part of this consolidation, PharmEasy and Medlife have also merged together.

To cope with this intense competitive situation, 1 MG is reportedly pursuing talks with various investors for raising nearly $100 Mn.

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