The investment in 1MG is in keeping with the Tata Group’s goal of building a digital ecosystem that answers customer requirements across categories in a cohesive way.
“We are happy to join together with one of India’s most renowned & renowned conglomerates,” stated Prashant Tandon, co-Founder & CEO of 1MG.
Tata Digital Limited, a wholly owned subsidiary of Tata Sons, will buy a majority position in 1MG Technologies, a digital health startup.
According to a company statement, the investment in 1MG is in keeping with Tata Group’s aim of developing a digital ecosystem that answers customer requirements across categories in a cohesive manner. E-pharmacy, e-diagnostics, and teleconsultation are essential parts in this ecosystem, and they’ve been among the fastest-growing parts in the field since the Coronavirus (Covid-19) epidemic opened up access to healthcare.
The deal’s financial specifics were unavailable. A few months ago, Tata Digital made a loan investment of Rs 100 crore in 1MG.
“The investment in 1MG increases Tata’s ability to provide outstanding customer experience and high quality healthcare products & services in the e-pharmacy and e-diagnostics sectors through a technology led platform,” said Pratik Pal, CEO of Tata Digital.
The whole market is worth over $1 billion and is predicted to develop at a 50% CAGR due to growing consumer health awareness and convenience. This category will be an important part of the Tata Digital ecosystem.
“We are happy to join together with one of India’s most renowned & renowned conglomerates,” stated Prashant Tandon, co-Founder & CEO of 1MG. E-pharmacy, e-diagnostics, and teleconsultation are essential parts in this ecosystem, and they’ve been among the fastest-growing parts in the field since the Coronavirus (Covid-19) epidemic opened up access to healthcare.
1MG, founded in 2015, is a significant participant in the eHealth field, providing clients with easy and affordable access to a variety of items such as pharmaceuticals, health and wellness items, diagnostics, and tele-consultation.
