Tata Sons’ wholly owned subsidiary Tata Digital has confirmed that it will buy a majority stake in online pharmacy retailer 1mg, as it continues its push into the consumer technology space.
“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,” said Pratik Pal, CEO of Tata Digital in a release.
News of acquisition comes hot on the heels of Tata Digital’s recent acquisitions and investments in the digital consumer universe, including its buyout of BigBasket and a USD 75 million capital infusion in fitness startup CureFit.
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.”
Founded in 2015, 1MG enables easy & affordable access to a wide range of health & wellness products and services, including medicines, diagnostics services and tele-consultation to customers.
The company operates three diagnostics labs, has a supply chain covering over 20,000 pin codes across India and is also engaged in B2B distribution of medicines and other healthcare products.