Team News Riveting
Mumbai/Jamshedpur, June 10
Tata Digital Limited, a 100 per cent subsidiary of Tata Sons Private Limited, to acquire majority stake in digital health company 1MG Technologies Private Limited (1mg).
Incorporated in 2015, 1MG is a leading player in the eHealth space and enables easy and affordable access to a wide range of products like medicines, health & wellness products, diagnostics services & tele-consultation to customers. The company operates 3 states of the art diagnostics labs, has a supply chain covering over 20,000 pincodes across the country and through its subsidiaries is also engaged in the business of B2B distribution of medicines and other healthcare products.
The investment in 1MG is in line with Tata Group’s vision of creating a digital ecosystem which addresses the consumer needs across categories in a unified manner. e-pharmacy, e-diagnostics and tele-consultation are critical segments in this ecosystem and have been among the fastest growing segments in this space, as this sector enabled access to healthcare through the pandemic. The overall market is around $1bn and expected to grow at ~50% CAGR driven by increased health awareness among consumers and greater convenience. This category will form a key element of the Tata Digital ecosystem offering.
Commenting on the investment, Pratik Pal, 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 and CEO, 1MG, said, “We are delighted to join hands with one of India’s most iconic & respected conglomerates. This marks a significant milestone in 1MG’s journey to make high quality healthcare products & services accessible to customers across India.”
Tata Digital is a 100 percent subsidiary of Tata Sons Private Limited. Tata Digital set up its operations in August 2019, to build consumer centric digital businesses for deep consumer engagement and their needs across multiple verticals – retail, travel, financial services.
1mg is India’s largest Digital Health Platform. The company has scaled up rapidly since 2015 to become India’s #1 Digital Health Company, commanding the leading share of the time spent in the Digital Healthcare category with over 40 million monthly unique users and 500 million monthly pageviews. 1mg started with a simple vision of making healthcare Affordable, Accessible & Understandable. 1mg operates India’s largest platform comprising e-pharmacy, e-diagnostics and e-consult services. 1mg is the only company in India operating with a Legit Script & ISO certification for its ePharmacy lines as well NABL accreditation for its Diagnostics business.
