Tata group-owned online pharmacy 1mg’s revenue from operations rose 65.7 per cent to Rs 222.10 crore in FY22, while its net loss narrowed to Rs 146.30 crore, according to data sourced by business intelligence platform Tofler.
Tata 1mg’s revenue from operations in FY21 stood at Rs 134.04 crore and its net loss was Rs 281.41 crore. Its other income for the financial year ended March 31, 2021, was Rs 24.14 crore.
Tata 1mg’s total income during FY22 was at Rs 246.25 crore, up 44.19 per cent from Rs 170.78 crore in the previous year.
In FY22, facilitation fees accounted for Rs 23.15 crore of revenue and Rs 139.64 crore came from lab test receipts.
Tata 1mg is a leading digital consumer healthcare platform providing services such as e-pharmacy, where it delivers medicines and health products at home from licensed pharmacies in over 1,000 cities.
It also provides diagnostic services from certified labs and online doctor consultations.
The company was incorporated on April 20, 2015. From August 19, 2021, its name was changed from ‘1MG Technologies Pvt Ltd’ to ‘Tata 1MG Technologies Pvt Ltd’ after Tata Digital Ltd, a wholly-owned arm of Tata Sons, acquired a majority stake in the firm.
Tata 1mg competes with Reliance Retail-owned Netmeds and Amazon Pharmacy, among others in the segment.