Tata Digital, the subsidiary of Tata Sons, said on Thursday it is acquiring a majority stake in digital health startup 1mg, the latest in a series of investments as the salt-to-steel Indian conglomerate enters the digital consumer space.
The firms didn’t share the financial details of the deal, but earlier local media reports suggest that Tata Digital is investing between $100 million to $110 million in the six-year-old Indian startup for 65% stake. A spokesperson for Tata Digital declined to comment.
According to insight firm Tracxn, 1mg had raised $156 million prior to Thursday’s announcement and was last valued at $242 million. This would suggest that Tata Digital is buying 1mg, which counts Bill & Melinda Gates Foundation and Sequoia Capital India among its investors, at a discount.
This is a developing story. More to follow…
