{"id":20388,"date":"2022-09-07T12:14:29","date_gmt":"2022-09-07T12:14:29","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/1mg-raises-40-mn-at-unicorn-valuation"},"modified":"2022-09-07T13:43:42","modified_gmt":"2022-09-07T13:43:42","slug":"1mg-raises-40-mn-at-unicorn-valuation","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/1mg-raises-40-mn-at-unicorn-valuation","title":{"rendered":"1mg raises $40 mn at unicorn valuation"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>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.<\/p>\n

KWE Beteiligungen AG, HBM Healthcare Investments, MPOF Mauritius, MAF Mauritius, Rubal Jain, and Vardaan Sharma also invested in the Tata Group company.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Tata Digital had acquired 1mg for a cash consideration of \u20b9720 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.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. 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. […]<\/p>\n","protected":false},"author":84,"featured_media":20387,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[233,245,241],"class_list":["post-20388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mauritius","tag-mauritius"],"yoast_head":"\n1mg raises $40 mn at unicorn valuation - Mauritius<\/title>\n<meta name=\"description\" content=\"Tata 1mg Technologies Pvt. 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