1mg raises $40 mn at unicorn valuation-Business Journal

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Tata 1mg Technologies Pvt. Ltd, which runs on-line pharmacy 1mg, has raised $40 million in a funding spherical led by its majority shareholder Tata Digital Limited at a unicorn valuation.

KWE Beteiligungen AG, HBM Healthcare Investments, MPOF Mauritius, MAF Mauritius, Rubal Jain, and Vardaan Sharma additionally invested within the Tata Group firm.

Tata Digital Limited invested about $32 million whereas KWE Beteiligungen and HBM Healthcare Invested near $2.35 million and $2 million, respectively, within the on-line pharmacy, in keeping with the company ministry filings.

1mg is now valued at an estimated worth of roughly $1.25 billion mentioned an individual aware of the deal.

Tata Digital declined to remark.

Founded in 2011 by Prashant Tandon, Gaurav Agarwal and Vikas Chauhan, 1mg sells drugs and different pharmacy merchandise through its on-line platform. The firm additionally supplies diagnostics providers to prospects.

In June final 12 months, Tata Digital, a 100% subsidiary of Tata Group holding entity Tata Sons, acquired a majority stake in 1mg. Initially, Tata Digital acquired a 58.7% stake within the firm in June 2021 and later elevated it to about 63% by December 2021.

Tata Digital had acquired 1mg for a money consideration of ₹720 crore, Tata Sons revealed in its annual report for monetary 12 months 2022 (FY22).

In April 2021, 1mg raised near $13.3 million in debt from Tata Digital. The startup bagged about $10 million in February 2020 from Bill and Melinda Gates Foundation.

aman.rawat@livemint.com

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