Monday, June 14, 2021
Home Tech Tata Digital to acquire majority stake in online pharmacy 1mg – TechCrunch

Tata Digital to acquire majority stake in online pharmacy 1mg – TechCrunch

Tata Digital, the subsidiary of Tata Sons, stated on Thursday it’s buying a majority stake in digital well being startup 1mg, the most recent in a sequence of investments because the salt-to-steel Indian conglomerate enters the digital shopper house.

The corporations didn’t share the monetary particulars of the deal, however earlier native media experiences recommend that Tata Digital is investing between $100 million to $110 million in the six-year-old Indian startup for 65% stake. A spokesperson for Tata Digital declined to remark.

According to perception agency Tracxn, 1mg had raised $156 million prior to Thursday’s announcement and was final valued at $242 million. This would recommend that Tata Digital is shopping for 1mg, which counts Bill & Melinda Gates Foundation and Sequoia Capital India amongst its buyers, at a reduction.

This is a growing story. More to comply with…

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