The pandemic may have toppled many business plans, but it has helped seal a lucrative deal for the Tata group. Well, almost. In a few weeks, the steel-to-software conglomerate is likely to announce a majority-stake acquisition of e-pharmacy 1mg.
Multiple sources, including those in 1mg’s top management, confirmed the development to The Ken. Tata is said to be looking at investing over $200 million into the Gurugram-based e-pharmacy. For a six-year old startup that burns around $30 million to $35 million each year, this investment would anchor 1mg’s boat for at least a few years.