A healthcare platform called 1mg, now called Tata 1mg, is situated in Gurgaon, India.
1mg, a healthcare company founded in 2015, provides teleconsultations, tests, doorstep delivery of medications, health and wellness goods, and more.
Prashant Tandon, Gaurav Agarwal, and Vikas Chauhan launched it in April 2015. The main aim of 1mg is to reduce costs and increase access to healthcare.
A digital health platform named HealthkartPlus was launched by BLPL (Bright Lifecare Private Limited) in 2012.
In order to create 1MG Technologies Private Limited, Healthkart Plus and BLPL split in 2015.
1mg was a generic medicine search company, while Healthkart continues to be a platform for fitness and health items.
Tata 1mg was created in June 2021 after Tata Digital Ltd. purchased a 55% share of 1mg.
Lack of funding
The corporation intends to increase its digital footprint across the nation, according to Tandon, who recently spoke with the media.
The health tech business also hopes to become profitable in the following two years.
In response to the financing crisis, healthtech businesses have seen the second-highest rate of layoffs this year.
Additionally, Pharmeasy, a direct rival of 1mg, has reportedly postponed its IPO and is in discussions to raise a cheaper round at a value that is roughly 25% lower.
1mg has turned into the year's 21st unicorn startup.
With a new financial infusion of $40 million headed by Tata Digital, the biggest health tech company owned by Tata, 1mg, has become a unicorn (worth over $1 billion).
Per the business's regulatory filings, the health-tech company has issued 30,992 equity shares for $1,03,047 per share. KWE Beteiligungen, HBM Healthcare Investments, MAF Mauritius, MPOF Mauritius, and other investors are also taking part in this round.
Big Basket, CultFit, and Tata 1mg are the three unicorn firms that Tata Digital currently owns as a result of this investment.
"Even if there were conversations about a higher value before the rough market conditions, the new financing occurred at a large premium.
This is only temporary, and later this year or next year, the business plans to raise a larger round," according to one of the sources.
The CEO of 1mg, Prashant Tandon, declined to comment, while Tata Digital did not reply to ET's email. Additionally, 1mg has turned into the year's 21st unicorn startup.