“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,” said Pratik Pal, CEO of Tata Digital in a release.
Prashant Tandon, Co-Founder & CEO, 1MG, said: “We are delighted to join hands with one of India’s most iconic & respected conglomerates. This marks a significant milestone in 1MG’s journey to make high quality healthcare products & services accessible to customers across India.”
This is the company’s second big and significant acquisition after BigBasket that it had made in February this year. Tata group has acquired 68 percent stake in online grocery platform BigBasket for around Rs 9,500 crore.
Earlier this week, Tata Digital entered into a Memorandum of Understanding for an investment of up to USD 75 million in CureFit Healthcare Private Limited, one of India’s leading fitness player.
Tata Digital set up its operations in August 2019, to build consumer-centric digital businesses for deep consumer engagement and their needs across multiple verticals – retail, travel, financial services.