The investment in 1MG is in line with Tata Group’s vision of creating a digital ecosystem that addresses the consumer needs across categories in a unified manner, said Tata Digital in a statement.
The Tata Sons’ subsidiary, earlier this week, announced its investment of $75 million in fitness startup CureFit and onboarding of Mukesh Bansal as President.
Tata Digital also added that e-pharmacy, e-diagnostics, and teleconsultation are critical segments, and will form a key element of the digital ecosystem it is building.
“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,” said Pratik Pal, chief executive officer (CEO) of Tata Digital.
Incorporated in 2015, 1MG provides online delivery of medicines, health and wellness products, diagnostics services, and teleconsultation to customers.
“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,” said Prashant Tandon, co-founder and CEO, 1MG.
At present, 1MG operates three diagnostics labs and has a supply chain covering over 20,000 pincodes across India. Through its subsidiaries, the company also engaged in business-to-business (B2B) distribution of medicines and other healthcare products.
Earlier in May, Tata Digital announced the purchase of a majority stake in online grocer BigBasket, and had committed an investment of ₹1,591 crore ($219 million) in the online grocer, show regulatory filings.
Tata Digital has been steadily building its super-app, under which it looks to bring all the Tata Group consumer businesses and offer digital services including payments, financial products, e-commerce, and e-grocery services.
Last year, even Reliance Industries Limited (RIL) entered the e-pharmacy space and bought a controlling 60% stake in Vitalic Health Pvt. Ltd., parent of e-pharmacy Netmeds for approximately ₹620 crore in September.
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