After raising $40 million, Tata 1mg becomes a unicorn

7 Sep 2022 , 08:20 AM

According to media sources, Tata 1mg, an online pharmaceutical platform, became a unicorn after receiving over $40 million in a fundraising round that was headed by Tata Digital. At the time of going to print, the corporation had not yet responded to questions about the values. Including this round, 1mg has raised $230.8 million in total across 16 rounds.

Existing investors MPOF Mauritius, HBM Healthcare Investments, and KWE Beteiligungen are a few others that took part in the round. According to a statement with the Registrar of Companies, Tata Digital has invested around Rs254.63 crore (almost $32 million) for 24,711 shares of the firm.

Each share in this round’s allocation, which totals 30,992 in all, is priced at a premium of Rs103,046. According to Tata Sons’ most recent annual report, Tata Digital purchased a 58.7% ownership in 1mg. By the end of CY2021, it had bought a further 4%, bringing its overall ownership to 62.97%. With the creators of 1mg, Tata Digital agreed to a call option agreement a few weeks ago, under which Tata can purchase the remaining share for Rs 448 crore.

Tata 1mg was established in 2015, and Tata Digital purchased it in 2021. More than 1,800 communities receive health items from the site. Over 31 million orders have been delivered so far, and 260 million people have visited the platform. 1mg invested in the diagnostic company 5C Network in March of this year.

The most recent funding round will enable the business to step up its game against rivals PharmEasy and Netmed from Reliance. In 2022, the number of unicorns being created has slowed down, but India is still adding to the population. Prior to 1mg, India reportedly had 104 unicorns, according to Tracxn statistics. India has added 20 unicorns since 2022 began. Among the most recent additions to the list are the blockchain-based network for cross-chain transfer and interoperability. among others, 5ire, OneCard, LeadSquared, and PhysicsWallah.

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