Tata Digital to acquire majority stake in online healthcare marketplace 1MG
Mumbai, June 10, 2021
Tata Digital Limited, a 100% subsidiary of Tata Sons Private Limited, today said it would acquire a majority stake in digital health company 1MG Technologies Private Ltd.
Incorporated in 2015, 1MG is a leading player in the eHealth space and enables easy and affordable access to a wide range of products like medicines, health & wellness products, diagnostics services & teleconsultation to customers.
The company operates three state-of-the-art diagnostics labs, has a supply chain covering over 20,000 PIN codes across the country, and through its subsidiaries is also engaged in the business of B2B distribution of medicines and other healthcare products.
"The investment in 1MG is in line with the Tata group’s vision of creating a digital ecosystem that addresses consumer needs across categories in a unified manner," a press release from Tata Digital said.
"E-pharmacy, e-diagnostics, and teleconsultation are critical segments in this ecosystem and have been among the fastest-growing segments in this space, as this sector enabled access to healthcare through the pandemic. The overall market is around $1bn and expected to grow at ~50% 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 release said.
Pratik Pal, CEO of Tata Digital, said, “The investment in 1MG strengthens Tata’s ability to provide superior customer experience and high-quality healthcare products & services in e-pharmacy and e-diagnostics space through a technology-led platform."
Prashant Tandon, Co-Founder & CEO, 1MG, said, “We are delighted to join hands with one of India’s most iconic and respected conglomerates. This marks a significant milestone in 1MG’s journey to make high-quality healthcare products and services accessible to customers across India.”
1mg is India's largest digital health platform, comprising e-pharmacy, e-diagnostics, and e-consult services. 1mg is the only company in India operating with a Legit Script & ISO certification for its e-pharmacy lines as well NABL accreditation for its diagnostics business, the release added.