Tata Digital Ltd, Wholly Owned By Tata Sons Will Acquire 1MG
Tata Digital Ltd, wholly owned by Tata Sons will acquire 1MG. After BigBasket, now 1MG will also belong to Tata Group, know important things from this deal.
Tata Digital Ltd, wholly owned by Tata Sons, will acquire a majority stake in the online healthcare marketplace 1MG Technologies Ltd. TDL gave this information on Thursday.
However, the company has not given details about the amount in which this deal has been done. A few days ago, the company had said that it would invest $75 million (around Rs 550 crore) in fitness brand Curefit Healthcare.
However, the company did not say how much stake it would acquire through this deal.
Tata Digital has said that the investment in 1MG is in line with the Tata Group’s vision of building a digital ecosystem.
Tata Digital has said about this deal that e-pharmacy, e-diagnostics, and teleconsultation are included in the important segments of this ecosystem. Also, it is growing very fast.
A statement issued by Prateek Pal, CEO, Tata Digital.
He said, “The investment in 1MG will lead to enhanced customer experience and high-quality healthcare products and services through a technology-driven platform in the e-pharmacy sector and e-diagnostics.
It will help in providing services.”
Prashant Tandon, Co-Founder, and CEO, 1MG, said that Tata’s investment is a remarkable milestone in 1MG’s journey of ensuring universal access to high-quality healthcare products and services in every part of the country.
1MG was introduced in 2015. It is one of the leading companies in the e-health sector.
The company provides pharmaceuticals, health, and other wellness products, diagnostic services, and teleconsultation facilities to customers.
Earlier on Monday, Tata Digital announced that it would invest Rs 550 crore in Curefit Healthcare.
An official statement said that Mukesh Bansal, founder, and chief executive of Curefit, will join Tata Digital in an executive role. He will also continue to lead Curefit.
The Tata group, which makes salt to software in India, has been making frequent acquisitions in the e-commerce industry for some time now. Last month, the company bought a majority stake in online grocery seller BigBasket.
