Tata Digital Ltd, a subsidiary of Tata Sons, on Thursday announced the acquisition of a majority stake in 1MG Technologies Ltd, an online pharmacy store.
The company, however, did not open the financial details of the transaction.
Just days after Tata Digital Ltd announced the investment of USD 75 million (around ₹550 crores) in fitness-focused Curefit Healthcare against the undisclosed stake, and bringing Mukesh Bansal as President onboard. It has invested in 1MG with Tata Group’s vision of creating a digital ecosystem that caters to all the customer’s needs under one roof.
Tata Digital has e-pharmacy, e-diagnostics, and teleconsultation playing a critical role in creating the digital ecosystem.
“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.
“We are delighted to join hands with one of India’s most iconic and respected conglomerates. This marks a significant milestone in 1 MG’s journey to make high-quality healthcare products and services accessible to customers across India,” said Prashant Tandon, co-founder and CEO, 1MG.
Incorporated in 2015, it is a leading market player in the eHealth space and provides easy & affordable access services across medicines, health & wellness products, diagnostics & teleconsultation to customers. 1mg operates three diagnostics labs, and has its supplying arms in over 20,000 pin codes across the country and through its subsidiaries, it is also engaged in the business of B2B distribution of medicines & other healthcare products.