On a buying spree, Tata Digital Limited, a subsidiary of Tata Sons Private is set to acquire a majority stake in digital health company 1MG Technologies Private Ltd (1MG). This comes just days after the company announced plans to invest $75 million in fitness startup Curefit.
According to reports, 1MG Technologies Private Ltd was incorporated in 2015 and is at present a leading player in the eHealth space that enables easy and affordable access to a wide range of products like medicines, health & wellness products, diagnostics services, and teleconsultation to customers.
The company operates three state-of-the-art diagnostics labs, has a supply chain covering over 20,000 pin codes across the country, and through its subsidiaries is also engaged in the business of B2B distribution of medicines and other healthcare products.
According to Tata Digital, 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, said a joint statement by Tata Digital and 1MG.
Pratik Pal, CEO of Tata Digital, in a statement, 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.”