Tata Digital, the subsidiary of Tata Sons, said on Thursday it is acquiring a majority stake in digital health startup 1mg, the latest in a series of investments as the salt-to-steel Indian conglomerate enters the digital consumer space.
The firms didn’t share the financial details of the deal, but a person familiar with the matter told TechCrunch that 1mg has received over $220 million in primary and secondary investments — with participation from some existing investors — and is being valued at around $450 million. Tata Digital has acquired about a 55% stake in the Indian startup, the person said, requesting anonymity as the specifics of the deal are private.
A spokesperson for Tata Digital declined to comment. 1mg didn’t immediately respond to a request for comment.
According to insight firm Tracxn, 1mg had raised $156 million prior to Thursday’s announcement and was last valued at $242…