Tata Digital, wholly owned by Tata Sons, on Thursday, June 10, informed that it will acquire a majority stake in the online healthcare marketplace 1MG Technologies Ltd. However, the company did not give information about how much this deal has been decided. The company had announced a day ago that it would invest $75 million (Rs 550 crore) in fitness-focused Curefit Healthcare. But the company did not give details about its stake in Curefit Healthcare. Today Tata Digital announced a majority stake in 1MG, saying that it is part of the Tata Group’s drive to create a digital ecosystem to meet the diverse needs of the people at one place.
According to Tata Digital, e-pharmacy, e-diagnostics and teleconsultation are important segments of this ecosystem and the fastest growing segments in this space. It has an overall market of $ 100 million (Rs 7305 crore). It is growing at a compound annual growth rate (CAGR) of 50 percent due to health awareness. This category will become a key element in the Tata digital ecosystem offering.
Tata Group bought a majority stake in different marketplaces
1MG was started about 6 years back in the year 2015. It is a leading player in the eHealth space which provides medicines, health & wellness products, diagnostic services, teleconsultation to people easily and cheaply. The company currently operates diagnostic labs in more than 20 thousand pin codes across the country. Apart from this, 1MG also involves in the B2B distribution of medicines and other health care products through its subsidiary.
Last month, the Tata Group bought a majority stake in online grocery seller BigBasket. Though the amount of the deal is secret. After this acquisition, the Tata Group is now going to compete with Mukesh Ambani’s Reliance’s Jio Mart, Flipkart and Amazon. The online grocery business has grown rapidly during the pandemic. Grocery sales account for half of the country’s $ 1 trillion retail markets. If we talk about the online grocery market, it will be $ 4,300 million (Rs 31.4 thousand crores) in 2021. As compared to $290 million (Rs 21.2 thousand crores) last year.