Online pharmacy platform Tata 1mg has turned the 105th unicorn after the latest cash injection of $40 million in a funding round led by Tata Digital. With the latest investment, 1mg has raised $230.8 million across 16 rounds till date.

The funding round also saw participation from existing investors MPOF Mauritius, HBM Healthcare Investments, and KWE Beteiligungen, among others.

Tata 1mg was founded in 2015 and was later acquired by Tata Digital in 2021. The platform delivers health products to over 1,800 cities. 

Tata's funding infusion

Tata Digital has infused about Rs 254.63 crore (about $32 million) for 24,711 shares of the company, said the filing on Registrar of Companies. The total number of shares allotted in this round is 30,992, with each share being priced at a premium of Rs 103,046.

According to the recent Annual Report of Tata Sons, Tata Digital acquired a 58.7% stake in 1mg. By the end of CY2021, it acquired an additional 4%, taking its total stake to 62.97%.

The recent funding will allow the company to ramp up its play against competition coming from Reliance’s Netmed and PharmEasy.

1mg joins the latest bandwagon of undisputed Indian unicorns. Since the start of 2022, India has added 20 unicorns. Some of the recent names that joined the list include 5ire, OneCard, LeadSquared, and PhysicsWallah, among others.