Tata Group, especially Tata Digital is currently on an acquisition spree after it announced that it is in process of building a ‘Super App’ where the customers can find everything possible at one place.
The main purpose of the super-app is to bring almost all the consumer products, including groceries, food, medicines, skincare and healthcare, consumer durables, jewellery, finance services, etc. onto one single platform.
Just recently the company bought off BigBasket, which is an online grocery store. Later it was announced that the company had bought off a fitness company- Curefit too. Until now, Tata Digital has spent millions of dollars and crores of rupees into acquiring the companies.
The company was also in process to acquire 1mg, the e-pharma company to expand its acquisition over all possible industries in the country. The company said that it is all set to acquire major stakes in the company.
Just on Tuesday, June 8, the company made an announcement to invest a $75 million in the Indian fitness start-up Curefit. Tata Digital also announced the co-founder of Curefit- Mukesh Bansal, as the president of Tata Digital.
This is the second major acquisition that the company is making in the same week.
Neither of the two sides of the deal- Tata Digital or 1mg agreed to share the financial details of the deal. Although, an anonymous source told the media that 1mg has received over a total of $220 million in both primary and secondary investments. This was possible because of some existing investors of the company. The company is currently being valued at $450 Million. Tata Digital, with the deal has acquired 55% of the stakes in the company, said the source requesting anonymity as the details of the deal are still private.
After the deal is signed, Tata will own a total of 60% of the stakes in the e-pharma company.
Pratik Pal, The Chief Executive Officer of Tata Digital, in a statement said- “The investment in 1mg strengthens Tata’s ability to provide superior customer experience and high-quality healthcare products and services in the e-pharmacy and e-diagnostics space through a technology-led platform.”
Commenting on the matter, Prashant Tandon, co-founder and chief executive of 1mg said- “We are delighted to join hands with one of India’s most iconic and respected conglomerates. This marks a significant milestone in 1mg’s journey to make high-quality healthcare products and services accessible to customers across India.”