wordpress blog stats
Connect with us

Hi, what are you looking for?

, ,

1mg raises Rs 100 crore debt fund from Tata Digital

The Tata Group’ digital services subsidiary has infused Rs 100 crore debt funds in online pharmacy and health-tech company 1mg. As per Business Standard, Tata Digital has allotted 29,054 CCDs at a price of Rs  34,417.87 per debenture to raise the sum. The company has received Rs 25 crore, and the remaining Rs 75 crore will be infused at a later stage. The CCDs are converted as per the terms of agreement between the company into equity shares, Tata Digital will control 5.66% stake on a fully diluted basis, per Entrackr.

Tata Digital is in the final stages of acquiring a controlling stake in Gurgaon-based company. It’s expected to pick up a 50% stake in 1mg; the two companies have been in talks since November.

The deal is expected to bolster the Tata Group into the fast-growing e-commerce segment. In March, Tata Sons Pvt. Ltd. also kicked off the process to buy a majority stake in online grocery seller BigBasket. Tata Digital Ltd. approached the Competition Commission of India, proposing to buy 64.3% of an entity that runs business-to-business sales of BigBasket. The Economic Times had previously reported that the Tata Group aims to take control of over 60% of BigBasket, buying out Alibaba’s stake.

1mg started off as as online pharmacy and has since expanded into insurance, patient support program, laboratory testing, doctor discovery, and so on. Founded eight years ago, it has raised over $200 million across several rounds from Corisol Holding, IFC, Redwood Global and Korea Omega Healthcare Fund, Sequoia, Maverick Ventures, Omidyar and Kae Capital among others.

Read more 

Advertisement. Scroll to continue reading.

Written By

I cover health, policy issues such as intermediary liability, data governance, internet shutdowns, and more. Hit me up for tips.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

News

By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ