Big deal between Tata Digital and Pharma App 1MG healthcare Tata Digital to acquire majority stake: Tata Digital to acquire majority stake in online healthcare marketplace 1MG Tata Digital, a 100 per cent subsidiary of Tata Sons, would acquire a majority stake in digital health start-up 1MG, continuing its series of investments in the online commerce ecosystem.The investment in 1MG is in line with the Tata group s vision of creating a digital ecosystem that addresses the consumer needs across categories in a unified manner.
Now the Tata Group has announced a majority stake in digital health company 1MG Technologies. Tata Digital Limited on Thursday announced the purchase of majority stake in online pharma startup 1MG (1MG Technologies). However, so far the company has not disclosed how much the deal has been done. Significantly, the Tata Group is engaged in developing a super app. In that sense, this investment is important. Earlier, Tata Digital had announced an investment of about Rs 550 crore in CureFit Healthcare.
Let us tell you that Tata Group has also invested in companies like BigBasket along with CureFit. The company said that, Tata Group s investment in 1MG is to create a digital ecosystem. Tata Digital said that e-pharmacy, e-diagnostics and tele-consultation are important segments of this ecosystem, which are among the fastest growing sectors.
1MG was incorporated in the year 2015. It is a leading player in the eHealth space, enabling easy and affordable access to a diverse range of products such as medicines, health and wellness products, diagnostic services and teleconsultation. It operates three state-of-the-art diagnostics labs and has a supply chain covering over 20,000 pin codes across the country.
Through Tata Digital, the group will acquire over 51% in 1MG for an enterprise value of over $230 million. The deal would put 1MG s total value at $450 million. Tata Digital had already invested around $14 million in 1MG in the form of convertible debenture instruments.
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