Pressing ahead with its online presence, Tata Digital today said it is acquiring a majority stake in online pharmacy 1mg, the company’s most recent deal after investments in BigBasket and Curefit, reports The Economic Times.
- Techcrunch reports that Tata Digital was investing between $100 million to $110 million in the startup for a 65% stake.
- 1mg competes with IPO-bound Pharmeasy, which is a bigger player in the market.
The details: The recent acquisitions by Tata Digital aim to strengthen the Tata Super App, and aid the company's e-commerce ambitions, a market currently dominated by the likes of Amazon, Flipkart, and Reliance's JioMart, per Moneycontrol.
- "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," Pratik Pal, chief executive officer (CEO) of Tata Digital, told Mint.
- Presently, 1mg covers 20,000 pin codes in India, and operates three diagnostic labs. The company provides online delivery of medicines and other health products, diagnostic services, and teleconsultation for patients.
The other side: Tata has been working on its super app which will offer services under groceries, health, education, entertainment, fashion, electronics, travel, beauty, and lifestyle, per Moneycontrol. Tata’s existing brands will lend support to the portfolio of new services.
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