Tata Group Is All Set To Buy 65% Stake In E-pharmacy Startup 1MG
The Tata Group has signed a deal to purchase a 65% stake in e-pharmacy startup 1MG for INR 1,200 Crore.
First reported by BW Disrupt, the development comes at a time when e-commerce sales, especially of healthcare products, food and groceries, have increased in India as the COVID-19 pandemic has driven a shift to online shopping.
1MG co-founders Prashant Tandon and Gaurav Agarwal will stay at 1MG and head the operations division.
In recent times, the sales of online pharmacies have been increased by 25-65%, according to several industry experts. As per 1 mg, the demand for COVID-19-related products on its platform was 5X in April compared to March 2021.
Tata Group has recently acquired a 64% stake in online grocery platform BigBasket with a $1.2Billion deal.
The buying of a significant stake in 1MG and BigBasket has been done to back Tatas ambitions for a “superapp”, which is being built under Tata Digital.
The plan is to bring all services and consumer products on one platform, including consumer durables, financial services, grocery, food, jewellery, etc.
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