A year since Tata Group acquired e-pharmacy, 1mg has reduced its losses by 48 per cent in FY22 to ₹146 crore from ₹281 crore in the previous year. Its revenues rose to ₹247 crore in FY22 from ₹170 crore . The online pharmacy has also managed to reduce its expenses to ₹392 crore in FY22 from ₹452 crore in FY21, according to its regulatory filing.
Its revenue from operations for the fiscal that ended on March 31, 2022 is ₹222 crore compared to ₹165 crore the same time last year.
As per Tata Sons annual report for FY22, the software-to-steel conglomerate informed that in June 2021, Tata Digital has made an investment in 1mg, a digital health company for a 58.7 per cent stake. By the end of CY2021, it had acquired an additional stake over four per cent taking its total stake to 62.97 per cent.
Tata Digital has entered into a put-call option with the founders of 1MG under which Tatas can acquire the balance stake for ₹448 crore. The company has said that in the next one to five years, it may also float an IPO.
1mg was founded in 2015. In May last year, the Tata Group acquired the company’s its marketplace business, marketplace platform and online medical consultation business and second opinion by third-party doctors business.
According to its website, 1mg has 260 million+ visitors, 31 million+ orders delivered and it is present in over 1,800+ cities.