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Tata Group eyes majority stake in e-pharmacy 1mg: Report

Amid reports of 1mg having been in discussion to raise around $100 million, Tata Group is apparently eyeing a majority stake in the e-pharmacy company.

November 06, 2020 / 09:00 AM IST

Salt-to-steel conglomerate Tata Group is exploring the option of buying a majority stake in e-pharmacy 1mg.

The Tata Group has begun talks for the deal with the Sequoia Capital-backed company, according to a report by The Economic Times.

"The talks have been ongoing as Tatas look to build their super-app platform. The Tata group's strategy is to pick up controlling stake but keep the management to run the operation...," a source told the publication.

Moneycontrol could not independently verify the report.

A Tata Group spokesperson declined to comment when contacted by The Economic Times. 1mg cofounder and CEO Prashant Tandon had not yet responded to a request for comment.

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1mg has been in discussion to raise around $100 million, but the funding may not materialise, the report said.

E-pharmacies have gained popularity in India after the COVID-19 pandemic and consequent lockdown.

According to a report by Frost & Sullivan, online pharmacies are expected to reach 70 million households in India by 2025, and the sector will expand to over 75 companies.
Moneycontrol News
first published: Nov 6, 2020 09:00 am

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