Gurugram-based online pharmacy 1mg has appointed former Ecom Express and General Electric senior executive Mayank Gupta as its Chief Financial Officer at a time when competition in the sector has heated up with entry of giants such as Reliance and Amazon.
Mayank is an industry veteran with over 19 years of experience across companies such as Maruti Suzuki and General Electric. In his most recent stint served as Executive Vice President and CFO of e-commerce logistics startup Ecom Express.
On Maynak's appointment, Prashant Tandon, Co-founder and CEO at 1mg, shared, "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."
At General Electric, he had served as the CFO of GE’s South Asia oil and gas, and transportation and aviation businesses. Gupta had at GE led the Boston-headquartered manufacturing giant to bag one of the largest “Make in India” project from the Indian Railways.
“1mg represents the cutting edge of the 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,” said Gupta.
Gupta’s appointment at 1mg comes as the sector has seen a wave of consolidation, with Reliance Industries acquiring Chennai-based Netmeds and Pharmeasy merging with smaller rival MedLife. 1mg is said to be banking on the proliferation of India’s Health Stack, of which it is a key member through the Swasth alliance, to grow.
Amazon too has made an entry into the prescription drug delivery business, with its largest vendor Cloudtail acquiring a pharmacy license and having begun delivering drugs to customer homes in Bengaluru.