Tata Digital Ltd, a subsidiary of Tata Sons Private Limited, will buy a majority stake in digital health platform 1MG Technologies Private Ltd. This will be the latest in a series of investments as the Indian conglomerate enters the digital consumer space. The firms, however, didn’t divulge the financial details of the deal. Earlier this week, Tata Group announced plans to invest $75 million in Bengaluru-based fitness startup Curefit. The Indian behemoth also acquired a majority stake in online grocer BigBasket earlier this year.
“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.
Founded in 2015, 1mg is among the leading players in the eHealth space and enables easy and affordable access to a wide range of products like medicines, health and wellness products, diagnostics services and tele-consultation to customers.
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.
The salt-to-software conglomerate Tata group has been on an acquisition spree in the e-commerce space. Last month it had acquired a majority stake in online grocery seller BigBasket for an undisclosed sum of money, pitting it against the likes of billionaire Mukesh Ambani”s Reliance and Amazon. The deal would pit the salt-to-software conglomerate against Ambani”s JioMart, Amazon and Walmart”s Flipkart for a pie of the online grocery business that has grown exponentially during the pandemic.