New Delhi: Tata Digital Ltd, a wholly-owned arm of Tata Sons, on Thursday said it will acquire a majority stake in 1MG Technologies Ltd, an online healthcare marketplace. The company, however, did not disclose the financial details of the transaction.
Just days after the company said it will invest USD 75 million (around Rs 550 crore) in fitness-focused Curefit Healthcare for an undisclosed stake, Tata Digital said its 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.
Tata Digital said 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 USD 1 billion and is expected to grow at around 50 per cent Compound Annual Growth Rate (CAGR) driven by increased health awareness among consumers and greater convenience. This category will form a key element of the Tata Digital ecosystem offering.
“The investment in 1MG strengthens Tata’s ability to provide superior customer experience and high quality healthcare products & services in the e-pharmacy and e-diagnostics space through a technology-led platform,” Tata Digital CEO Pratik Pal said in a statement.
