Tata Digital acquires a majority stake in online pharmacy 1mg
Tata Digital, a wholly-owned subsidiary of the Tata Group, said on Thursday it is acquiring a majority stake in digital health startup 1mg, It would be the second major investment after the acquisition of BigBasket.
Tata’s didn’t share the financial details of the investment deal.
But according to a TechCrunch report, 1mg has received over $220 million in primary and secondary investments — with participation from some existing investors — and is being valued at around $450 million.
Both the companies didn’t comment on the deal but according to sources, Tata Digital has acquired about 55% stake in the Indian startup 1mg.
According to insight firm Tracxn, 1mg had raised $156 million prior to Thursday’s announcement and was last valued at $242 million. 1mg counts Bill & Melinda Gates Foundation and Sequoia Capital India among its investors.
Recently, this week, Tata digital has also linked a memorandum of understanding (MoU) with fitness startup Curefit to invest $75 million in the Bengaluru-based startup.
According to the deal, Curefit founder Mukesh Bansal is also joining Tata Digital as its President.
Pratik Pal, CEO, Tata Digital said, “Its investment in 1mg is in line with the giant’s vision of creating a digital ecosystem that addresses the consumer needs across categories in a unified manner,”
“1mg has 3 state of the art diagnostics labs, a supply chain covering over 20,000 pin codes across the country. The company, through its subsidiaries, is also engaged in the business of B2B distribution of medicines and other healthcare products.” Pratik added.
“We are delighted to join hands with one of India’s most iconic and respected conglomerates,” said Prashant Tandon, co-founder, and chief executive of 1mg, in a statement.
“This marks a significant milestone in 1mg’s journey to make high-quality healthcare products and services accessible to customers across India,” added Prashant
