Tata Digital To Acquire Online Telemedicine Platform 1MG
The deal comes a few days after Tata Digital acquired a majority stake in one of the leading e-grocery delivery platforms BigBasket
With an aim to provide India's first super app, Tata Digital—a subsidiary of Tata Sons—on Thursday announced it will acquire leading online telemedicine platform 1MG. Amount of the deal is yet to be disclosed.
As per a statement, Tata Digital's investment in 1MG is in line with the Tata group's vision of creating a digital ecosystem that addresses consumer needs across categories in a unified manner.
Founded in 2015 by Prashant Tandon, Vikas Chauhan and Gaurav Agarwal, 1MG provides doorstep delivery of medicine, online consultation and home lab tests in over 20,000 PIN codes across the country. The company through its subsidiaries also provides B2B distribution of medicines and other healthcare products.
Commenting on the investment, Pratik Pal, chief executive officer (CEO) of Tata Digital, said, "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."
Prashant Tandon, Co-Founder & CEO, 1MG, said, "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."
The deal comes a few days after Tata Digital acquired a majority stake in one of the leading e-grocery delivery platforms BigBasket. Tata Digital has also invested $75 million in health and fitness startup Cultfit two days back sending a clear warning to its competitors such as Amazon, Reliance and Flipkart, that it is leaving no stones unturned. As per media reports, Tata group has increased the funds allocation from INR 1,000 crore to INR 11,000 crore for Tata Digital, showing a clear indication that the Tata group is trying to gain an edge against its competitor.