Tata Group is eyeing a majority stake in Gurgaon-based online pharmacy company 1mg, according to a report by The Times of India quoting sources.
The development comes amid news that online pharmacy company is planning to raise $100 million in funding from a private equity consortium led by Gaja Capital.
“There is definitely a lot of interest in 1mg and Tatas have held talks with them as part of the broader e-commerce push. At the same time, Gaja continues to engage with 1MG over its planned $100-million fund-raise,” a person aware of the matter told the publication.
DH independently could not verify the report.
According to the report, both the investment talks are happening parallelly.
Tata Group's move to grab a share of the country's growing e-pharmacy market comes amid e-pharmas' rising popularity after the Covid-19 pandemic and the consequent lockdown.
India has seen over 84 lakh confirmed coronavirus infections -- more than any other country besides the United States -- and healthcare startups are seeing a huge demand for services as a result of the pandemic.