Tata Digital, the subsidiary of Tata Sons, mentioned on Thursday it’s buying a majority stake in digital well being startup 1mg, the most recent in a sequence of investments because the salt-to-steel Indian conglomerate enters the digital shopper house.
The companies didn’t share the monetary particulars of the deal, however earlier native media reviews recommend that Tata Digital was planning to make investments between $100 million to $110 million in the six-year-old Indian startup for 65% stake. A spokesperson for Tata Digital declined to remark. 1mg didn’t instantly reply to a request for remark.
According to perception agency Tracxn, 1mg had raised $156 million prior to Thursday’s announcement and was final valued at $242 million. This would recommend that Tata Digital is shopping for 1mg, which counts Bill & Melinda Gates Foundation and Sequoia Capital India amongst its buyers, at a reduction.
1mg is without doubt one of the largest gamers in the well being house in India, the place it competes with Prosus Ventures-backed PharmEasy, which leads the market. 1mg operates diagnostics labs, has a provide chain that covers over 20,000 Indian zipcodes, and is a serious business-to-business distributor of medicines in the South Asian nation.
Tata Digital mentioned its funding in 1mg is in line with the large’s “imaginative and prescient of making a digital ecosystem which addresses the patron wants throughout classes in a unified method.” The big, which introduced plans to make investments in health startup CureFit earlier this week, acquired a majority stake in online grocer BigBasket earlier this 12 months.
“We are delighted to be part of arms with considered one of India’s most iconic and revered conglomerates,” mentioned Prashant Tandon, co-founder and chief govt of 1mg, in a press release. “This marks a major milestone in 1mg’s journey to make prime quality healthcare services accessible to clients throughout India.”
This is a growing story. More to comply with…