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Tata Digital acquires majority stake in 1mg

The Tata-1mg deal comes even as Reliance acquired Netmeds to enter e-pharmacy space.

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Mumbai: Tata Digital, a wholly owned subsidiary of the Tata Group, said it is acquiring a majority stake in online pharmacy 1mg, making this the second majority acquisition in the digital economy, after the e-grocery BigBasket equity purchase.

The investment is in line with Tata group’s vision of creating a digital ecosystem that addresses consumer needs across categories in a unified manner, it said in a statement.

Earlier this week, Tata Group also said it had entered into a memorandum of understanding (MoU) with fitness startup Curefit and will invest $75 million in the Bengaluru-based startup. Curefit founder Mukesh Bansal is also joining Tata Digital as its president, as part of the deal.

In May, Tata Digital announced the purchase of a 64 per cent stake in online grocer BigBasket. 

The Tata-1mg deal comes when Reliance has entered the online pharmacy space by acquiring Netmeds, while PharmEasy also merged with smaller rival Medlife.

Incorporated in 2015, 1mg provides online delivery of medicines, health and wellness products, diagnostics services and teleconsultation.

“We are delighted to join hands with one of India’s most iconic and respected conglomerates. This marks a significant milestone in 1mg’s journey to make high-quality healthcare products and services accessible to customers across India," said 1mg co-founder and chief executive Prashant Tandon

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