Tata 1mg plans more offline forays as it looks to raise $300 million

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Tata 1mg is re-entering an investment phase as the online pharmacy looks to expand its offline presence amid talks of an external funding round, according to people in the know.

Tata Digital had acquired a strategic stake in 1mg in 2021. Since then, the e-pharmacy firm has raised only $40 million, through a rights issue from Tata Digital in 2022.

The planned $300 million external fundraising for 1mg marks a shift in strategy for the salt-to-software Tata Group, which had last year asked 1mg and its grocery delivery firm BigBasket to increase reliance…



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Tata 1mg plans more offline forays as it looks to raise $300 million


Tata 1mg is re-entering an investment phase as the online pharmacy looks to expand its offline presence amid talks of an external funding round, according to people in the know.

Tata Digital had acquired a strategic stake in 1mg in 2021. Since then, the e-pharmacy firm has raised only $40 million, through a rights issue from Tata Digital in 2022.

The planned $300 million external fundraising for 1mg marks a shift in strategy for the salt-to-software Tata Group, which had last year asked 1mg and its grocery delivery firm BigBasket to increase reliance…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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