ReutersBengaluru: Tata Digital, a wholly owned subsidiary of Tata Group, is acquiring a majority stake in online pharmacy 1mg—its second significant startup acquisition after
BigBasket.
Earlier this week, Tata Group said it will invest $75 million in the Bengaluru-based fitness startup Curefit. As part of the Tata-Curefit deal, the company’s co-founder, Mukesh Bansal, is joining Tata Digital as president.
These acquisitions are seen as stepping stones towards Tata’s SuperApp play.
The Tata-1mg deal comes when Industries has entered the online pharmacy space by acquiring Netmeds while PharmEasy merged with smaller rival Medlife.
“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 Tata Digital CEO Pratik Pal in a statement.
Tata Digital said 1mg has three state-of-the-art diagnostics labs, a supply chain covering over 20,000 pin codes across the country.The company, through its subsidiaries, is also engaged in the business of B2B distribution of medicines and other healthcare products.
“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 accessible to customers across India,” said Prashant Tandon, co-founder and chief executive officer of 1mg.
Earlier this week, Tata Group said it will invest $75 million in the Bengaluru-based fitness startup Curefit. As part of the Tata-Curefit deal, the company’s co-founder, Mukesh Bansal, is joining Tata Digital as president.
These acquisitions are seen as stepping stones towards Tata’s SuperApp play.
The Tata-1mg deal comes when Industries has entered the online pharmacy space by acquiring Netmeds while PharmEasy merged with smaller rival Medlife.
“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 Tata Digital CEO Pratik Pal in a statement.
Tata Digital said 1mg has three state-of-the-art diagnostics labs, a supply chain covering over 20,000 pin codes across the country.The company, through its subsidiaries, is also engaged in the business of B2B distribution of medicines and other healthcare products.
“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 accessible to customers across India,” said Prashant Tandon, co-founder and chief executive officer of 1mg.