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Tag: 1mg (page 1 of 1)

Tata Digital makes the second major transaction as it buys majority stake in 1mg

Tata digital announced that it will be buying a majority stake in e-pharma startup 1mg, as it intends to build its super app. The Tata group-owned company, recently, has bought BigBasket and made an investment in Curefit. The financial details of the deal were not disclosed. The buying of a stake in 1mg will increase Tata digital’s reach as the e-pharma startup has a supply chain of over 20,000 pin codes and works with three advanced labs.

Tata group pursuing a deal to acquire Curefit

After getting major stakes in Bigbasket and 1mg, Tata group is looking to buy Curefit. There are plans to bring Curefit founder Mukesh Bansal on the board. Nothing is yet confirmed and plans may change. Curefit has been valued at $800 mn and has been badly affected by the pandemic as it shut down its cloud kitchens, fired 10% of its employees and the rest had to take pay cuts. In July 2020 more than 500 employees were sent on temporary leave.

Tata close to announcing big investment deals in BigBasket, 1mg

The Tata Group has finalised a $200-250 mn primary cash infusion in BigBasket and online pharmacy 1mg as part of its deal to acquire a majority stake in both the internet firms. Tata will shell out a total $1.2 bn, in a mix of a primary and secondary sale of shares, to acquire 60% stake in BigBasket. The conglomerate may provide a full exit to two of BigBasket’s biggest investors, Alibaba and Abraaj Group, having 27.58% and 18.05% stake, respectively.

Tatas may pick up majority stake in e-pharmacy firm 1mg

The Tata group is in talks to acquire a majority stake in online pharmacy 1mg. The deal, if goes through, could intensify the battle in India’s e-pharmacy sector, as Tata, Reliance and Amazon are battling for a piece of pie. In Aug, Reliance Retail acquired a 60% stake in the parent company of Netmeds. Amazon also rolled out prescription drug delivery service in Bengaluru in partnership with Cloudtail. 1mg, as per reports, has been in talks to raise around $100 mn.

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How firms leverage AI to solve modern-day problems

Bajaj Allianz General Insurance splits technology uses cases into 3 outcomes – top-line, bottom-line, enhanced customer experience. Henceforth, AI investments for short-term (3-6 months ROI), long term are made. Analysing claims documents, an automated engine eases insurance underwriting. Online healthcare firm, 1mg, considering the busy schedule of doctors, developed AI-based tool that collects info on the doctor’s behalf, increasing hospitals’ performance 3X.

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