New Delhi: In a big money move, Tata Digital Limited is all set to acquire a majority stake in e-pharma company 1MG Technologies Private Ltd. (“1MG”). The announcement has been made by Tata Digital Limited. Tata Digital’s announcement has come after it had acquired a majority stake in online grocery platform Bigbasket, and inked a deal for investing of up to USD 75 million in fitness start-up Curefit, according to media reports.
Tata Digital is a 100 per cent subsidiary of Tata Sons. Tata Digital’s venture into 1MG signifies the Tata’s ambition of bringing together e-diagnostics, e-pharmacy, telepharmacy, online
grocery, fitness, fashion, and food delivery into one single digital ecosystem. Notably, 1MG has three diagnostics labs and it has capacity to deliver in more than 20,000 pin codes.
Tata Digital-Big Basket Deal
“Grocery is one of the largest components of an individual”s consumption basket in India, and Bigbasket as India”s largest e-grocery player, fits in perfectly with our vision of creating
a large consumer digital ecosystem. We are delighted to welcome Bigbasket as a part of the Tata Digital,” Pratik Pal, CEO of Tata Digital, said in a statement in May. Specific details about
the deal were not disclosed.
E-grocery has been one of the fastest growing segments in the consumer e-commerce space and its growth is propelled with India”s rising consumption and digital penetration. Bigbasket was
founded in 2011 in Bangalore and has expanded its presence to more than 25 cities.
Earlier this week, Tata Digital had signed a deal as part of which it would invest of up to USD 75 million Curefit. As part of the deal between Tata and fitness start-up Curefit, co-founder and CEO of Tata Digital Mukesh Bansal will become President of Curefit.
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