Tata Digital to acquire majority stake in online healthcare marketplace 1MG

 

Tata Digital Limited, a 100% subsidiary of Tata Sons, will acquire a majority stake in digital health company 1MG Technologies.

The investment in 1MG is in line with Tata Group’s vision of creating a digital ecosystem which addresses the consumer needs across categories in a unified manner, said a company statement. e-pharmacy, e-diagnostics and tele-consultation are critical segments in this ecosystem and have been among the fastest growing segments in this space, as this sector enabled access to healthcare through the Coronavirus (Covid-19) pandemic.

The financial details of the deal were not available. Tata Digital had invested Rs 100 crore in 1MG via debt a few months back.

Pratik Pal, CEO of Tata Digital, said, “The investment in 1MG strengthens Tata’s ability to provide superior customer experience and high quality healthcare products & services in e-pharmacy and e-diagnostics space through a technology led platform."

The overall market is around $1bn and is expected to grow at ~50% CAGR driven by increased health awareness among consumers and greater convenience. This category will form a key element of the Tata Digital ecosystem offering.

Prashant Tandon, co-Founder & CEO, 1MG, said, “We are delighted to join hands with one of India’s most iconic & respected conglomerates. This marks a significant milestone in 1MG’s journey to make high quality healthcare products & services accessible to customers across India.”

Incorporated in 2015, 1MG is a leading player in the eHealth space and enables easy & affordable access to a wide range of products like medicines, health & wellness products, diagnostics & tele-consultation to customers. The company operates three state of the art diagnostics labs, has a supply chain covering over 20,000 pin codes across the country and through its subsidiaries is also engaged in the business of B2B distribution of medicines & other healthcare products.

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