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Tata Digital to acquire majority stake in e-pharmacy 1mg, moves closer to launching super app

Tata Digital on Thursday announced that it will acquire a majority stake in digital health company 1mg stating that it is "in line with the Tata group’s vision of creating a digital ecosystem that addresses consumer needs across categories in a unified manner." The company did not reveal the size of the deal but Entrackr cited sources as saying that that 1MG will be valued at over $400 million and founders of 1mg will continue. 1mg started off as an online pharmacy and has since expanded into insurance, patient support program, diagnostics services, doctor discovery, and teleconsultation to customers. The company operates three diagnostics labs and is also engaged in the business to business (B2B) distribution of medicines and other healthcare products. Founded in 2015, 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. "E-pharmacy, e-diagnostics, and teleconsultation 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 $1bn and expected to grow at ~50% CAGR driven by increased health awareness among consumers and greater convenience." - Tata Digital press release Tata Digital on a spending spree Tata Digital, which is a 100% subsidiary of Tata Sons, is focused on building digital businesses for the Tata conglomerate, for which it has reportedly been allocated ₹12,000 crores. Earlier in April, the company…

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