Tata Digital Limited, a subsidiary of Tata Sons Private Ltd will acquire a majority stake in digital health company 1MG Technologies Private Ltd (1MG), it said on June 10.
The company said the investment in 1MG is in line with Tata Group's vision of creating a digital ecosystem that addresses consumer needs across categories in a unified manner.
Incorporated in 2015, 1MG is a leading player in the e-health space and enables access to a wide range of products like medicines, health and wellness products, diagnostics services and tele-consultation to customers.
According to the company, it operates three state-of-the-art diagnostics labs, has a supply chain covering over 20,000 pin codes across the country, and through its subsidiaries is also engaged in the business of B2B distribution of medicines and other healthcare products.
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, according to a joint statement by Tata Digital and 1MG.
Pratik Pal, CEO of Tata Digital, said: "The investment in 1MG strengthens Tata's ability to provide superior customer experience and high quality healthcare products & services in the e-pharmacy and e-diagnostics space through a technology led platform."
Prashant Tandon, Co-Founder & CEO, 1MG, said: "We are delighted to join hands with one of India's most iconic & respected conglomerates. This marks a significant milestone in 1 MG's journey to make high quality healthcare products & services accessible to customers across India."
This follows just days after Tata Digital announced on June 7, that it will invest up to $75 million in fitness startup CureFit.
Mukesh Bansal, CureFit Founder and CEO, will join Tata Digital as President, Tata Digital. In addition, he will continue in his leadership role at CureFit, the company said in a statement.
"The CureFit partnership with its industry leading platform in fitness and wellness aligns very well with our overall healthcare proposition where fitness is increasingly becoming an integral part of a consumers' life," said N. Chandrasekaran, Chairman Tata Sons.