BUSINESS

Tata Digital to Buy Majority Stake in E-pharmacy 1MG

Tata Digital Ltd is the subsidiary of Tata Sons Private Limited has said that it is all set to acquire a majority stake in a digital health company, 1MG Technologies Private Ltd. The investment in 1MG is in line with Tata Group’s vision of creating a digital ecosystem that addresses the consumer needs across categories in a unified manner, said Tata Digital in a statement.

Earlier this week, Tata Sons’ subsidiary had announced about the investment of $75 million in fitness startup CureFit and the onboarding of Mukesh Bansal as President. Also, Tata Digital added e-pharmacy, e-diagnostics, and teleconsultation are critical segments, and will form a key element of the digital ecosystem it is building.

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

Incorporated in 2015, 1MG provides online delivery of medicines, health and wellness products, diagnostics services, and teleconsultation to customers.

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

At present, 1MG operates three diagnostics labs and has a supply chain covering over 20,000 pincodes across India.

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