Bengaluru: Tata Digital, a wholly owned subsidiary of the Tata Group, said it is acquiring a majority stake in e-pharmacy 1mg making it the second majority acquisition in the digital economy, after e-grocery BigBasket.
Earlier this week, Tata Group also said it had entered into an memorandum of understanding (MoU) with fitness startup Curefit to invest $75 million in the Bengaluru-based startup. As part of the deal, Curefit founder Mukesh Bansal is also joining Tata Digital as its president. .
The Tata-1mg deal comes when
has entered the online pharmacy space by acquiring Netmeds while PharmEasy merged with smaller rival Medlife.
“The investment in 1mg strengthens Tata’s ability to provide superior customer experience and high quality healthcare products and services in e-pharmacy and e-diagnostics space through a technology led platform,” said Pratik Pal, CEO, Tata Digital.
Tata Digital said 1mg has 3 state of the art diagnostics labs, a supply chain covering over 20,000 pincodes 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 1 mg’s journey to make high quality healthcare products accessible to customers across India,” said Prashant Tandon, cofounder & CEO, 1 mg.