Tata Digital to acquire majority stake in online pharmacy 1mg
Tata Digital on Thursday announced that it will acquire a majority stake in 1MG, a digital health startup. The investment is the latest in a series of investments the Tata Group has made as part of its strategy to build a super app and comes weeks after the salt-to-steel Indian conglomerate bought BigBasket, as well as announced an investment in fitness startup CureFit.
The company, however, did not divulge the financial details of the transaction.
Tata Group is a wholly-owned subsidiary of Tata Group. The acquisition in IMG is in accordance with Tata Group’s vision of creating a digital ecosystem that addresses the consumer needs across categories in a unified manner, the company said in a statement.
“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.
