Tata Digital set to acquire majority stake in 1MG
Tata Digital Ltd, a wholly-owned arm of Tata Sons, on Thursday said it will acquire a majority stake in 1MG Technologies Ltd, an online healthcare marketplace.
The company, however, did not disclose the financial details of the transaction.Just days after the company said it will invest $75 million (around Rs 550 cr) in fitness-focused Curefit Healthcare for an undisclosed stake, Tata Digital said its investment in 1MG is in line with Tata Group’s vision of creating a digital ecosystem which addresses the consumer needs across categories in a unified manner.
Tata Digital said e-pharmacy, e-diagnostics and tele-consultation are critical segments in this ecosystem and have been among the fastest growing segments in this space, as this sector enabled access to health-care through the pandemic.The overall market is around USD 1 billion and is expected to grow at around 50 per cent Compound Annual Growth Rate (CAGR) driven by increased health awareness among consumers and greater convenience. This category will form a key element of the Tata Digital ecosystem offering.
“The investment in 1MG strengthens Tata’s ability to provide superior customer experience and high quality healthcare products & services in the e-pharmacy and e-diagnostics space through a technology-led platform,” Tata Digital CEO Pratik Pal said.1MG Co-founder and CEO Prashant Tandon said, the investment by the Tatas “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 is among the leading players in the eHealth space.The salt-to-software conglomerate Tata group has been on an acquisition spree in the e-commerce space.
Last month it bought 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.
