Tata Digital Limited will be acquiring a majority stake in 1MG Technologies Private Ltd, a digital health company. With this acquisition, Tata Group moves towards its vision of creating a digital ecosystem that addresses consumer needs across categories in a unified manner.
Earlier this week, the Tata Sons’ subsidiary announced its investment of $75 million in fitness startup CureFit and onboarding of Mukesh Bansal as President.
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.”
Prashant Tandon, Co-Founder & CEO, 1MG, added, “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 and services accessible to customers across India.”
Started in 2015, 1MG offers online delivery of medicines, health and wellness products, diagnostics services, and teleconsultation to customers.
The online pharmacy operates 3 diagnostics labs, and has a supply chain covering over 20,000 pin codes across India. Through its subsidiaries, the company is also engaged in the business of B2B distribution of medicines and other healthcare products.