Tata Digital infuses Rs 100 cr debt in online medicine startup 1mg: Report

Tata Sons’ digital services subsidiary Tata Digital has infused debt money in online medicine startup 1mg. Tata Digital is in the final stages to acquire a controlling stake in the Gurugram-based company. As per regulatory filings, Tata Digital is picking up Rs 100 crore worth compulsorily convertible debentures or CCDs in 1mg, according to Entrackr, a platform that tracks tech companies.

1mg has allotted 29,054 CCDs at a price of Rs 34,417.87 per debenture to raise the sum. The firm has already received Rs 25 crore while the remaining Rs 75 crore will be infused at a later stage. The Entrackr report said Tata Digital’s investment has valued the eight-year-old firm at $240 million.