Saturday, June 19, 2021
Home Health Tatas to buy 51% in 1MG for $230mn - ET HealthWorld

Tatas to buy 51% in 1MG for $230mn – ET HealthWorld

Tatas to buy 51% in 1MG for $230mnMumbai: India’s largest conglomerate Tata Group will purchase a majority stake in e-pharmacy retailer 1MG, broadening its presence in the medical economic system. Not too way back, the conglomerate used to be in the pharma manufacturing enterprise. But then it offered Merind and Tata Pharma to Wockhardt, limiting its play in the well being business.

After the outbreak of Covid, the $106-billion conglomerate reignited its curiosity in the business with a imaginative and prescient to construct a digital, affected person-centric ecosystem. The proposed 1MG acquisition is in that path and follows its buy of teleconferencing software program (used in providing digital well being consultations) from AccessBell, a startup based mostly in Silicon Valley. The conglomerate by Tata Digital will purchase over 51% in 1MG for an enterprise worth of over $230 million. The deal will peg the whole worth of 1MG at $450 million.

Tata Digital had already infused about $14 million in1MG in the type of convertible debenture devices. These devices, when transformed into fairness shares, will give Tata Digital about 6% in1MG.

1MG co-founder and CEO Prashant Tandon will proceed to lead the corporate. Incorporated in 2015, 1MG made a lack of over Rs 300 crore on a income of Rs 369 crore in fiscal 2020.

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