1mg raises $40 mn at unicorn valuation | Mint
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Business News/ Companies / News/  1mg raises $40 mn at unicorn valuation
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1mg raises $40 mn at unicorn valuation

Tata Digital Limited invested about $32 million while KWE Beteiligungen and HBM Healthcare Invested close to $2.35 million and $2 million, respectively, in the online pharmacy

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Photo: Mint

Tata 1mg Technologies Pvt. Ltd, which runs online pharmacy 1mg, has raised $40 million in a funding round 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 also invested in the Tata Group company.

Tata Digital Limited invested about $32 million while KWE Beteiligungen and HBM Healthcare Invested close to $2.35 million and $2 million, respectively, in the online pharmacy, according to the corporate ministry filings.

1mg is now valued at an estimated value of approximately $1.25 billion said a person familiar with the deal.

Tata Digital declined to comment.

Founded in 2011 by Prashant Tandon, Gaurav Agarwal and Vikas Chauhan, 1mg sells medicine and other pharmacy products via its online platform. The company also provides diagnostics services to customers.

In June last year, 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 in the company in June 2021 and later increased it to about 63% by December 2021.

Tata Digital had acquired 1mg for a cash consideration of 720 crore, Tata Sons revealed in its annual report for financial year 2022 (FY22).

In April 2021, 1mg raised close to $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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Published: 07 Sep 2022, 01:24 AM IST
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