Tata Group takes a step forward on its ambitious journey of expansion. In the latest series of its investment Tata has recently taken a strategic step towards building a supper app. It decides to buy a majority stake of a known health company, 1MG.
In the previous weeks, Tata also announced investing on CureFit (an integrative health app including all facets of healthy lifestyle on one platform) and also bought BigBasket (the India’s largest food and grocery store).
Earlier in this week, Tata mentioned that it will invest up to $75 million in health care startups CureFit for approvals. However CEO and founder of CureFit, Mukesh Bansal will join Tata in position of a President.
HERE’S HOW INVESTING IN 1MG WILL BENEFIT TATA GROUP
The CEO of Tata Digital, Pratik Pal says – investing in 1MG will help strengthen its ability to provide better customer’s experience and provide health care services and products in e-pharmacy and e-diagnostics space.
He further adds, that investing in 1MG is in a row of Tata group’s vision of creating a digital platform that will help them in addressing their customer’s needs and wants.
Teleconsultation, e-pharmacy and e-diagnostics are among the many fastest growing segments in this platform.
1MG FOUNDER AND CEO’S SAY IN TATA GROUP’S INVESTMENT IN IT
Prashant Tandon, founder and CEO of 1MG is delighted to join hands with Tata Digital. He says, “We are delighted to join hands with one of India’s most iconic & respected conglomerates. This marks a significant milestone in 1MG’s journey to make high quality healthcare products & services accessible to customers across India.”
1MG is a one of the players in the market of health care and services. It also enables easy and affordable access to health care products, services, wellness products, teleconsultation and diagnostic services to its customer.
TATA GROUP’S SIGNIFICANT STEP TOWARDS ATMA NIRBHAR BHARAT
Traditionally, Indian corporates stayed away from investing in start-ups due to many factors, like valuation-driven, high losses, etcetera. However, startup companies had to depend upon foreign companies for investment and funding.
But after the Tata’s group’s step towards investing in startups like CureFit, Climacell and other companies. Tata has set an example for Indian corporate to bet on the new-age business model.