1MG acquisition: Tata Digital, the digital arm of the Tata Group, on Thursday said it will acquire online pharmacy 1MG. Tata Group is running fast in the race to capture the e-commerce market.
Tata Group is preparing to bring a super app.
Tata Digital 1MG acquisition: India is a huge market for e-commerce which is eyeing players from all over the world. Walmart and Amazon are already in the race to capture this market with the help of Flipkart. After that Mukesh Ambani joined this race with the help of Jio Mart. Now Tata Group has also joined this race and is expanding very fast.
As we know, Tata Group is preparing to bring a super app. With the help of this app, customers will be able to take advantage of all the online services of Tata Group at the same time. Recently, Tata Group acquired grocery firm Big Basket. According to the latest information, Tata Group will now acquire online pharmacy 1MG. Tata Digital, the digital arm of Tata Sons, said on Thursday that it will acquire online marketplace 1MG. The Tata group had acquired fitness start-up CureFit before Big Basket. Tata Sons will also invest about Rs 550 crore separately in Cure Fit.
Reliance acquired Netmed
Reliance Industries had acquired a major stake in online pharmacy Netmed’s parent company Vitalic for 620 crores in August 2020. Amazon also launched the online pharmacy Amazon Pharmacy in Bengaluru last year. There is currently no specific information about how much stake Tata Digital will acquire in 1MG.
Online pharmacy market is worth 1 billion dollars
Tata Digital said that the market for e-pharmacy, e-diagnostics and tele-consultation is growing very fast. At present this market is worth about 1 billion dollars. It is believed that the business development of this segment will happen at the rate of 50 percent CAGR.
How will Tata Group’s Super App
Talking about Tata Group’s Super App, it will be like a digital mall in a way where customers will be able to order everything they need online at the same time. There will be many types of products including groceries, medicine. Apart from this, the Tata group is also considering buying a stake in Dunzo, a hyper local delivery platform with Google back-up. According to the CNBC report, Dunzo is also in talks with several stakeholders as the company wants to raise funds of $ 150-200 million (about Rs 1300-1500 crore) separately.
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