tata 1mg deal, Reliance, tata digital, Netmeds, PharmEasy, 1mg, Medlife

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

Reliance

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.


Japan travel news, japan travel guides, japan holiday destinations and japan reviews

LATEST NEWS

NEWS RELATED

Slice brings on board Siva Kumar Tangudu as CTO

slice, a fintech startup and credit card challenger, has announced the appointment of Siva Kumar Tangudu as the company’s new chief technology officer, said a statement issued today. Tangudu brings with him leadership expertise of over 15 years across senior and pivotal roles at Myntra, HackerRank, Microsoft, and Oracle, to…

Read more: Slice brings on board Siva Kumar Tangudu as CTO

ShareChat parent to buy back ESOPs worth $19 million

Bengaluru: Mohalla Tech, the parent company of regional language social media platform ShareChat and short video app Moj, will buy back employee stocks worth $19.1 million, the company announced on Friday. The move comes a few months after it raised $502 million at a valuation of $2.1 billion, thereby making…

Read more: ShareChat parent to buy back ESOPs worth $19 million

Smartphone market to bounce back in Q3; better prepared this year: Xiaomi's Manu Jain

Handset maker Xiaomi expects the market to bounce back in the July-September period but remains cautiously optimistic with the Covid-led lockdowns being lifted partially. It, however, highlighted supply chain related challenges, which led to delay of its flagship phone. “…we continue to remain cautiously optimistic. With all our learnings from…

Read more: Smartphone market to bounce back in Q3; better prepared this year: Xiaomi's Manu Jain

Indian Overseas Bank urges RBI to pull the bank out of PCA framework

State-owned Indian Overseas Bank has urged the Reserve Bank of India to lift business curbs from it placed under the prompt corrective action framework with the lender’s annual return on assets turning positive for the first time since 2014. The bank reported Rs 831 crore of annual profit against Rs…

Read more: Indian Overseas Bank urges RBI to pull the bank out of PCA framework

COVID deals new blow to foreign carmakers' Indian dream

Foreign automakers’ hopes of a booming Indian car market are fading fast as a brutal second wave of COVID-19 infections and limited government room for more stimulus spending suggest a recovery could lag far behind China and the United States. Carmakers that saw nearly a decade of Indian sales growth…

Read more: COVID deals new blow to foreign carmakers' Indian dream

India: Max Financial promoters sell shares worth $105m

Photo: Pixabay Max Ventures Investment Holdings Pvt Ltd, a promoter of Max Financial Services on Thursday sold shares worth ₹783 crore through an open market transaction. As per block deal data on NSE, the promoter sold over 7.83 million shares of Max Financial Services Ltd at an average price of…

Read more: India: Max Financial promoters sell shares worth $105m

UP Police summons Twitter India MD in Ghaziabad viral video case

Bengaluru: Police in Uttar Pradesh have sent a notice to Twitter India MD Manish Maheshwari, summoning him to appear before a Ghaziabad police station for questioning in connection with a viral video of an attack on an elderly person in the state. The notice issued on Thursday, reviewed by ET,…

Read more: UP Police summons Twitter India MD in Ghaziabad viral video case

Covid may not have serious impact: Rajkiran Rai, Union Bank CEO

After its merger with Corporation Bank and Andhra Bank, Union Bank of India has become the fifth-largest public sector bank by assets, bigger than Bank of India or even private sector Axis Bank. It has been no exception to the glitches associated with mergers, but chief executive Rajkiran Rai tells…

Read more: Covid may not have serious impact: Rajkiran Rai, Union Bank CEO

Smartphone market sends recovery signal in first half of June

India's crypto industry attracts foreign funds, but local investors remain wary

Patent filing across emerging technologies is gaining pace in India: Nasscom

Suburban Diagnostics in sale talks with Dr Lal Pathlabs, Metropolis, PharmEasy, others

B Capital picks minority stake in Indian online pharmacy PharmEasy: Report

PharmEasy valued at $1.8 billion as B Capital buys stake for $20 million

Reliance launches JioFiber postpaid internet connection starting at Rs 399 per month

India’s edtech sector is the next big frontier for Mukesh Ambani’s RIL

OTHER NEWS