Tata Digital, the subsidiary of Tata Sons, announced Thursday that it is acquiring a majority stake in digital health start-up 1mg, the latest in a series of investments as the Indian salt-to-steel conglomerate enters in the digital consumer space.
The companies have not shared financial details of the deal, but previous local media reports suggest Tata Digital is investing between $ 100 million and $ 110 million in the six-year-old Indian startup for a 65% stake. A spokesperson for Tata Digital declined to comment.
According to analyst firm Tracxn, 1mg had raised $ 156 million before Thursday’s announcement and was last valued at $ 242 million. This would suggest that Tata Digital is buying 1 mg, which counts the Bill & Melinda Gates Foundation and Sequoia Capital India among its investors, at a reduced price.
This is a developing story. More soon…