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Tata Digital to acquire majority stake in 1MG
June 11, 2021
Tata Digital, a 100 percent subsidiary of Tata Sons, on Thursday, said it would get a greater part stake in digital health start-up 1MG, continuing its series of investments in the online commerce ecosystem.
The interest in 1MG is in accordance with the Tata group’s vision of making a digital ecosystem that tends to the consumer needs across categories in a unified manner, the organization said in a statement.
“The investment strengthens Tata’s capacity to provide superior client experience and health care products and services in the e-pharmacy and e-diagnostics space through a technology-led platform,” said Pratik Pal, CEO of Tata Digital.
While the financial details of the deals were not uncovered, sources aware of everything said 1MG had seen both primary and secondary fund infusion, with a portion of the early investors exiting. Media reports said the organization had received $220 million in essential and subsidiary investments and had seen participation from some of its existing investors.
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