Major stake in 1MG to be bought by Tata Digital
A subsidiary of Tata Sons Private Limited, Tata Digital Ltd, said it will be acquiring a majority stake in digital health company, 1MG Technologies Private Ltd.
This investment in in line with Tata Group’s vision of creating a digital ecosystem to address all the needs of the consumer.
Earlier this week, Tata Digital, had announced it’s investment of $75 million in fitness startup CureFit. Mukesh Bansal was on-boarded as President.
Tata Digital also added that e-pharmacy, e-diagnostics, and tele-consultation are critical segments, and will form a key element of the digital ecosystem it is building.
Message from the CEOs
“The investment in 1MG strengthens Tata’s ability to provide superior customer experience and high-quality healthcare products and services in the e-pharmacy and e-diagnostics space through a technology-led platform,” said Pratik Pal, chief executive officer (CEO) of Tata Digital.
“We are delighted to join hands with one of India’s most iconic and respected conglomerates. This marks a significant milestone in 1MG’s journey to make high-quality healthcare products and services accessible to customers across India,” said Prashant Tandon, co-founder and CEO, 1MG.
1MG was incorporated in 2015. It provides online delivery of medicines, health and wellness products, diagnostics services, and teleconsultation to customers.
1MG,headquartered in Gurugram, currently operates three diagnostics labs and has a supply chain covering over 20,000 pincodes across India. The company also engaged in business-to-business (B2B) distribution of medicines and other healthcare products, through it’s subsidiaries.
The way ahead
Tata Digital has been steadily building its super-app. The plan is to bring all the Tata Group consumer businesses under one roof. This will include digital services such as payments, financial products, e-commerce, and e-grocery services.
Reliance Industries Limited (RIL) entered the e-pharmacy space last year by buying a controlling 60% stake in Vitalic Health Pvt. Ltd., parent of e-pharmacy Netmeds for approximately ₹620 crore in September.