Written By: FirstU Team | New Delhi
Tata Digital will buy a majority stake in digital health company 1MG, the latest in a series of investments that Tata Group has made as part of a strategy to build a super app. The move comes weeks after it bought BigBasket and announced an investment in CureFit.
Founded in 2015, 1MG is a player in the eHealth space and enables easy & affordable access to a wide range of products like medicines, health & wellness products, diagnostics services and teleconsultation to customers.
The company operates 3 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 & other healthcare products.
Tata Digital in a note said the investment in 1MG is in line with Tata Group’s vision of creating a digital ecosystem that addresses the consumer needs across categories in a unified manner. 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.
Earlier this week, Tata Digital said it will invest up to $75 million in the healthtech startup CureFit, subject to completion of diligence process and other approvals. CureFit Founder & CEO Mukesh Bansal will join Tata Digital in an executive role as President, Tata Digital and will also continue to lead CureFit.
Tata Group's ambitions for its super-app plan recently received a shot in the arm with the competition regulator giving its nod for Tata Digital's acquisition of BigBasket, one of India's leading online grocery platforms.
It is building a super app under Tata Digital, with plans to add categories such as groceries, health, education, entertainment, electronics, fashion, travel, beauty and lifestyle. It also plans to leverage the strength of group companies such as Titan, Voltas, Trent, Tata Consumer Products, Tata Motors, Vistara, Tata AIG, Tata Capital and Taj Hotels, offering users an array of services in one app.