Tata Digital e-pharma company will buy a majority stake in 1mg.
Several weeks after the Tata Group announced the purchase of BigBasket and investment in CureFit, it has now announced the purchase of majority stake in digital pharma company 1mg. Prashant Tandon, co-founder and CEO of e-pharma company 1mg, has described this deal as a milestone.
New Delhi. Tata Digital Limited, a subsidiary of the Tata Group, is going to make a big deal soon. In this, Tata Digital e-pharma company is going to buy a majority stake in 1mg Technologies Private Limited. The Tata group is working on a plan to build a super app. This deal is a new step taken to fulfill this plan. The company had announced a few weeks ago to buy BigBasket and invest in CureFit. Tata Digital CEO Prateek Pal said that investing in 1mg will strengthen Tata’s ability to deliver a better customer experience and deliver quality healthcare products and services in the e-pharmacy and e-diagnostic sectors.
1mg covers more than 20 thousand pincodes of the country
Prashant Tandon, Co-Founder & CEO, e-pharma company 1mg said, “We are delighted to join hands with one of India’s most prestigious and respected conglomerate. This is a milestone in 1mg’s journey to make quality healthcare products and services accessible to customers across India. With a supply chain covering over 20,000 pin codes in the country, 1mg also runs three state-of-the-art diagnostic labs. In addition, it is also engaged in the business of B2B distribution of medicines and other health products through its subsidiaries.
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E-pharmacy, e-diagnostics and tele-consultation are very much in trend these days due to Corona crisis. These are one of the fastest growing sectors in this sector. Actually, this sector has made people’s access to health care services easier during the corona virus epidemic. Overall, its market is about 1 billion dollars. It is expected to grow at a CAGR of 50 per cent due to increased convenience and health awareness among consumers. This category will now become a key element for Tata Digital.