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Tata 1mg

1mg becomes India's 21st unicorn in 2022 after internal funding round led by Tata Digital

| @indiablooms | Sep 08, 2022, at 08:19 pm

Mumbai: Online pharmacy and healthcare services company 1mg turned unicorn following an internal funding round led by Tata Digital, media reports said.

The company raised $41 million, valuing it at $1.25 billion, ET reported citing sources.

Unicorns are privately held companies with a valuation of $1 billion or more.

1 mg was acquired by Tata Digital in June 2021. The company holds a little over 62.1 percent stake in the e-pharmacy.

ET quoted sources as saying that Tata 1 mg would look to raise a bigger round later this year or the next year as it aims for a higher valuation.

1mg has also become the 21st startup to turn unicorn this year.

It is also the third unicorn under the Tata's e-commerce umbrella --- the other two being e-grocer BigBasket and Mukesh Bansal's Culfit. Bansal is also the president of Tata Digital.

The development comes amid a market sentiment that caused multiple funding deals at unicorn startups to fall through.

The prominent competitors of Tata 1 mg in the sector are PharmEasy, Reliance-owned Netmeds, and Flipkart Health Plus, which was renamed from Sastasundar after being acquired by Walmart-backed Flipkart.

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