Gupta had led General Electric to back one of the largest 'Make in India' project from the Indian Railway.
Photo Credit : ShutterStock,
Mayank Gupta has been appointed as chief financial officer of 1mg, a Gurugram based online pharmacy. This comes at a time when competition in the sector has been heated up with the entry of giants such as Reliance and Amazon.
He has 19 years of experience with companies like Maruti Suzuki and General Electric. Recently served as executive vice president and CFO of ECom Express, ECommerce logistics startup.
He has served as CFO of General Electric's South Asia oil and gas and transportation and aviation businesses. Gupta had led GE to back one of the largest 'Make in India' project from the Indian Railway.
Gupta appointment at 1mg comes at the heels of Reliance industries acquiring Chennai based NetMed and Pharmeasy merging with small arrival Medlife, which is the sign of the wave of consolidation in this sector. 1MG said to be banking on the proliferation of India's health stack of which it is the key member of through the Swasth alliance to grow.
Amazon made an entry into the prescription drug delivery business with its largest vendor Cloudtail acquiring a pharmacy licence in having begun delivery of drugs to customers in Bengaluru.