Tata Digital acted as the lead investor in the round; Tata 1mg has now surpassed 100 unicorns in India.
According to media sources, Tata 1mg, an online pharmaceutical platform, became a unicorn after raising over $40 million in a funding round led by Tata Digital.
At the time of going to press, the company had not yet answered questions about the figures. Including this round, 1mg has raised a total of $230.8 million over 16 rounds.
Existing investors MPOF Mauritius, HBM Healthcare Investments and KWE Beteiligungen are some others who participated in the round.
Tata Digital has invested around 254.63 billion rupees (nearly US$32 million) for 24,711 shares in the company, according to a statement from the company registry.
Each share in this allotment round, totaling 30,992, will be valued at a premium of Rs 103,046.
According to Tata Sons’ latest annual report, Tata Digital has acquired a 58.7% stake in 1 mg. By the end of fiscal 2021, it had bought another 4%, bringing its total ownership to 62.97%. Tata Digital reached a call option agreement with the makers of 1mg a few weeks ago, under which Tata’s can purchase the remaining stake for Rs 448 crore.
Tata 1mg was founded in 2015 and Tata Digital bought it in 2021. More than 1,800 cities receive healthcare items from the site. To date, over 31 million orders have been shipped and 260 million people have visited the platform. 1mg invested in diagnostics company 5C Network in March this year.
The latest round of funding will allow the company to compete against Reliance’s competitors PharmEasy and Netmed.
In 2022, unicorn numbers have slowed, but India is still growing in population. Before 1 mg, India reportedly had 104 unicorns, according to Tracxn data. India has added 20 unicorns since the beginning of 2022. Recent additions to the list include the blockchain-based network for cross-chain transfer and interoperability. including 5ire, OneCard, LeadSquared and PhysicsWallah.