Press "Enter" to skip to content

Tata Digital to purchase majority stake in on-line pharmacy 1mg

BENGALURU: Tata Digital, a unit of Tata Sons, stated it’s buying a majority stake in on-line pharmacy 1mg, days after its acquisition of CureFit and on-line grocery supply firm BigBasket.
The deal is one other step by the Tatas to increase its presence in new age companies and construct a super-app, which might maintain such ventures to assist it compete higher towards Mukesh Ambani’s Jio Mart, Reliance Digital, Amazon and Walmart’s Flipkart.
Earlier this week, Tata stated it might make investments $75 million in health begin up Curefit, which was led by Mukesh Bansal. As a part of the deal. Bansal is ready to hitch Tata Digital as president.
The present deal pits Tata towards Reliance, which additionally purchased on-line pharmacy firm Netmeds. Demand for on-line pharmacy, grocery and different companies have gone up over the past one 12 months as extra city customers made on-line purchases because of the pandemic.
The funding in 1mg strengthens Tata’s potential to supply superior buyer expertise and high-quality healthcare services within the e-pharmacy and e-diagnostics area by way of a technology-led platform,” stated Tata Digital CEO Pratik Pal.
Began in 2015, 1mg counts Sequoia and Omidyar Networks amongst its buyers and has served greater than 27 million orders throughout greater than 1,800 cities within the nation, as per the corporate’s web site. Tata Digital stated 1mg has three state-of-the-art diagnostics labs and a provide chain overlaying over 20,000 pin codes throughout the nation.
“We’re delighted to hitch fingers with one in all India’s most iconic and revered conglomerates. This marks a major milestone in 1mg’s journey to make prime quality healthcare merchandise accessible to clients throughout India,” stated co-founder and CEO Prashant Tandon.

Supply hyperlink

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *