Online pharmacy startup Tata 1mg raised $40 million in a funding round led by Tata Digital where KWE Beteiligungen AG, HBM Healthcare Investments, among others also participated andbecome the country’s 107th unicorn.
Tata 1mg was established to provide medicine delivery, health and wellness products, diagnostic services, and doctor consultation. During the pandemic, it grew as more customers turned to online platforms for medicine delivery and medical tests. Tata 1mg claims to have a supply chain that spans over 20,000 postal codes in India. The Indian healthtech market is expected to reach $21 billion by 2025, growing at a 26% CAGR. By 2025, the telemedicine and online pharmacy subsectors are expected to generate $5.4 billion and $4.2 billion in revenue, respectively.