1mg appoints former Ecom Express VP Mayank Gupta as CFO

Gurugram-based online pharmacy 1mg has appointed Mayank Gupta as its new chief financial officer. An industry veteran with over 19 years of experience, Mayank will be replacing Sanjiv Gupta. Sanjiv left 1mg in September to join another healthcare firm Apollo’s digital arm Apollo 24*7.

The news of appointment comes at a time when online pharmacy business is growing extensively. Moneycontrol reported in August that online medicine-selling apps have seen a 50 per cent rise in the number of orders. This has resulted in a massive growth of this sector for the past six months.

Online pharmacies have been going under several merger and acquisition deals. India’s largest conglomerate Reliance acquired Netmeds for Rs 600 crore whereas PharmEasy acquired Medlife for $235 million during the past months. Amazon also stepped into the online prescription drug delivery business.

About Mayank Gupta

Mayank, in his most recent role, was the CFO and Executive Vice President at e-commerce logistics firm Ecom Express. His experience led to a 3.5 times increase in the growth of Ecom Express in 3 years. Gupta says, he’d like to bring that same philosophy to 1mg’s financial management as well. In his previous roles, he held leadership positions in companies such as Maruti Suzuki and General Electric. At General Electric, he had served as the CFO of GE’s South Asia oil and gas, and transportation and aviation business. Under his leadership, GE won its one of the largest Make in India project from the Indian Railways.

Comments from company leaders

“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,” Gupta said.

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.”