New Delhi (Anish Yande): Tata Digital would be acquiring a majority stake in the e-pharmacy startup 1mg. The subsidiary of Tata Sons has acquired around a 55% stake in the Indian digital pharmacy startup. The acquisition is a part of a spree of recent acquisitions by Tata Group.
Tata Digital acquires majority stake in 1mg:
The digital pharmacy startup, 1mg has received over $220 million in primary and secondary investments. 1mg is valued at around $450 million. Ahead of the acquisition, 1mg has raised $156 million from investors such as Maverick Ventures, Sequoia Capital India and Bill & Melinda Gates Foundation.
The e-pharmacy startup was valued at $242 million before the acquisition. The spree of investments is a part of efforts on part of the Tata Group to develop a super app, which would provide several services from one platform.
1mg was founded in 2015 by Prashant Tandon, Vikas Chauhan and Gaurav Agarwal. The e-pharmacy startup provides access to medicines, health and wellness products. 1mg also offers diagnostics services and medical consultation through digital means.
The e-pharmacy startup has a supply network across 20,000 pin codes in India. The subsidiaries of 1mg conduct B2B distribution of medicines & other healthcare products.
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Prashant Tandon, co-founder and CEO of 1mg, has stated that the company's partnership with Tata Digital marks a significant milestone in the e-pharmacy startup's journey to make high-quality healthcare products and services accessible to customers across India.
In May, Tata Digital had acquired a 64% stake in the digital grocer platform BigBasket. Tata Digital invested Rs 1,591 crore in the e-grocery firm. Tata Digital has announced that it would be investing up to $75 million in CureFit. The digital branch of the Tata Group would be investing in the health tech startup, following the completion of the diligence process.
Mukesh Bansal, Founder & CEO of CureFit would be joining Tata Digital in an executive role as President, Tata Digital and also retain his role in leading CureFit.
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