Tata Digital to acquire majority stake in 1MG
'A significant milestone in 1MG's journey,' said CEO and Co-founder Prashant Tandon
Tata Digital Limited will be acquiring a majority stake in digital health company 1MG Technologies Private Ltd.
The investment in 1MG is in line with Tata Group’s vision of creating a digital ecosystem that addresses consumer needs across categories in a unified manner. e-pharmacy, e-diagnostics and teleconsultation 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 & 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.”
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