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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