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