Tata Digital, a subsidiary of conglomerate Tata, is set to buy a majority stake in 1mg, an India-based online drugstore backed by chipmaker Intel, for an undisclosed amount, LiveMint reported today.
A source privy to the matter told TechCrunch that Tata Digital has purchased a stake sized at approximately 55% in 1mg, whcih has raised more than $220m in primary and secondary transactions that included multiple returning investors, valuing it at about $450m.
Founded by health product vendor Bright Lifecare in 2015, 1mg runs an online pharmacy platform that also provides teleconsultations, diagnostic care and medical tests. It had most recently secured $9.9m in funding from Bill & Melinda Gates Foundation in February 2020.
Family office Corisol led a $70m series D round for the company seven months earlier that included Redwood Global-Korea Omega Healthcare, Sequoia Capital, Maverick Ventures, HBM Healthcare investments, Omidyar Network, International Finance Corporation and Kae Capital at a $200m valuation.
HBM Healthcare led a $15m series C round for the company in 2017, with contributions from Sequoia, Maverick Ventures and Kae Capital. It also took part in a round of undisclosed size in 2016, shortly after Sequoia, Maverick Ventures and Omidyar Network had provided $15m.
Intel Capital, the corporate venturing arm of Intel, had teamed up with Sequoia Capital, Kae Capital, Omidyar Network and individual Deep Kalr to back 1mg’s $6m series A round in 2015.
