Tata Digital to acquire a majority stake in 1mg Technologies
Tata Digital, a wholly-owned arm of Tata Sons, on Thursday said it will acquire a majority stake in 1mg Technologies, an online healthcare marketplace.
The company, however, did not disclose the financial details of the transaction.
Just days after the company said it will invest $75 million (Rs 550 crore) in fitness-focused Curefit Healthcare for an undisclosed stake, Tata Digital said its investment in 1mg is in line with Tata Group’s vision of creating a digital ecosystem which addresses the consumer’s needs across categories in a unified manner.
Tata Digital said e-pharmacy, e-diagnostics and tele-consultation are critical segments in this ecosystem and have been among the fastest growing ones in this space as this sector enabled access to healthcare during the pandemic.
The overall market is worth around $1 billion and is expected to grow at 50 per cent compound annual growth rate, driven by increased health awareness among consumers and greater convenience. This category will form a key element of the Tata Digital ecosystem offering.
“The investment in 1mg strengthens Tata’s ability to provide superior customer experience and high quality healthcare products & services in the e-pharmacy and e-diagnostics space through a technology-led platform,” said Tata Digital CEO Pratik Pal.
1mg co-founder and CEO Prashant Tandon said the investment by the Tatas “marks a significant milestone in 1mg’s journey to make high-quality healthcare products and services accessible to customers across India”.
Last month, the Tatas had acquired a majority stake in BigBasket.