Tata Digital, a 100 per cent subsidiary of Tata Sons, has announced that it will acquire a majority stake in digital health company 1MG Technologies. "The investment in 1MG is in line with the Tata group's vision of creating a digital ecosystem that addresses the consumer needs across categories in a unified manner," Tata Digital said in a statement.
Commenting on the investment, Mr. Pratik Pal, CEO of Tata Digital, 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."
1MG was incorporated in the year 2015. It is a leading player in the eHealth space, enabling easy and affordable access to diverse products such as medicines, health & wellness products, diagnostics services and teleconsultation. It operates three state-of-the-art diagnostics labs and has a supply chain covering over 20,000 pin codes across the country.
Earlier this week, Tata Digital had announced investment of up to $75 million in fitness and health startup CureFit Healthcare, which operates popular gym chain CultFit. And last month, Tata Digital had received approval from the Competition Commission of India to acquire a majority stake in online grocery player BigBasket.