India’s leading digital healthcare and pharmacy platform, Tata 1mg, has confirmed its ingress into the unicorn club of 2022.
This was possible after the raising of $40 million in a round by Tata 1mg company which evaluated the online pharmacy’s total valuation to $1.25 billion and made it a member of the billion-dollar club of this year. It became the 22nd startup to enter the unicorn club.
The round was led by an internal investor, Tata Digital along with the participation of other investors as well, including some of the existing investors like, HBM Healthcare Investment, MPOF Mauritius, KWE Beteiligungen, and others as well.
Tata 1mg, earlier known as 1mg, was founded in 2015 by Prashant Tandon, Vikas Chauhan, and Gaurav Agarwal with the aim of making healthcare understandable, reachable, and affordable to billions of Indians.
They worked hard for the betterment just from the start but they got a turning point in June 2021, when they acquired a seniority stack in the startup.
At that time, Tata 1mg valuation was just $450M, which is almost 3 times lesser than today’s $1.25 billion. That means that the company has been undergoing boomy success as per tata digital 40m healthcare 1mgsinghtechcrunch.
Its head office is in Gurugram, Haryana, India.
Under Tata’s e-commerce ventures. 1mg is the 3rd to get the unicorn title, the other two being the e- grocery firm, BigBasket, and Cultfit, the Mukesh Bansal company.
The purpose of raising this fund, as suggested by the reports is as follows-
- To widen its diagnostic business
- They aim to position itself as an online health platform that offers a number of healthcare services, including digital consultation of doctors.
They have already opened an offline store in the area of Delhi- NCR and are running them as captain but they aimed to digitize every store along with the offline service, for the simplification of customers.
Tata 1mg is TATA Group’s one of most successful and illustrious startup assets and investments, without forgetting the most famous fitness chain, Cult. fit and BigBasket, the online grocer.
As noticed, the activity among the large Indian amalgamations of smaller startups, and online pharmacies has topped the race in recent past years, maybe because of the pandemic curse.
In 2020, Netmeds of Reliance acquired a majority stake, on the other hand, Flipkart had collaborated with 1mg to deliver medicines. A personal online pharmacy was also launched by Amazon.
It’s good to see that large e-commerce players want to transport medicines. Medicines come under the ideal category of online delivery.
Also, no one buys medicines with a good heart, everyone wants to get rid of them as early as possible. So why waste your time buying medicines in an offline mode, just go digital and save your time.
This round is led by Tata Digital, which is a subsidiary of Tata Sons Private Limited. It was built in 2019 with the aim of making a consumer-centric digital business. It deals with deep consumer involvement and their needs across a lot of verticals like travel, retail, and financial services.
The development of Tata 1mg has made a significant change in the medicinal world of India and is on its way to making it even stronger and healthier.
Tata 1mg is one of the leading online pharmacies which has raised $41 million of funds this year which increases its value to $1.25 billion. This valuation has led the membership of Tata 1mg to the unicorn club of 2022. This addition is the 22nd edition of an Indian firm to the unicorn club this year.
Tata digitals led this round along with some of the existing investors like HBM Healthcare Investment, MPOF Mauritius, KWE Beteiligungen, and others as well.
The valuation of $1.25 billion.
Tata Digital Limited.
The aim behind this fundraising is to widen its diagnostic business and to position itself as an online health platform that offers a number of healthcare services, including digital consultation of doctors.