Leadpreneur's
TATA 1mg Success Story...
One in its colors, one in its voice, one in its appeal, one in its intent!
About:
Stepping foot into the online pharmacy market, 1mg was launched in 2013. The app and website offers all possible medications at cheaper rates.
Founder, Founding Year, and HQ location:
TATA 1mg was founded by Prashant Tandon, Gaurav Agarwal, Vikas Chauhan in 2015 and has its headquarter in Gurugram (India).
Product marketing countries:
TATA 1mg operates in India currently.
Business Model:
TATA 1mg follow B2C, B2B business model.
Investments:
● Tata 1mg has become the 105th unicorn thanks to the most recent cash infusion of $40
million in a funding round backed by Tata Digital. With this most recent investment, 1mg has now raised $230.8 million in total over 16 rounds.
● Existing investors MPOF Mauritius, HBM Healthcare Investments, and KWE Beteiligungen participated in the investment round as well.
Company Statistics:
1mg has reported more than 3 million monthly website visits and about 5 million app downloads since its launch in 2013. Apart from that the business has also reported a 600% increment in user engagement and app downloads over the last year.
Research from Tofler states that 1mg’s revenue spiked by 65.7% to INR 222.10 crore in FY22 while its losses decreased to INR 146.30 crore. It has been ranked as the 105th unicorn business as well.
Growth:
● Since its founding in 2013, 1mg claims to have downloaded more than 5 million apps and
received more than 3 million monthly visitors to its platform. The organisation has had a
600% increase in user engagement and app downloads over the past years.
● According to information gathered by business intelligence platform Tofler, 1mg's operating revenue increased by 65.7% to Rs 222.10 crore in FY22, while its net loss decreased to Rs 146.30 crore.
Marketing Strategy:
Email marketing
To popularize themselves, 1mg has resorted to email marketing and push notifications to attract people’s attention
Offline Advertising
Apart from their presence online, in the cities they are functional, the business has given importance to offline marketing as well.
Print media
The company also uses print media form of marketing via health fairs and newspaper advertisements.
Informative
Making their application informative with information on medicine is also another hack used by them to enhance ‘word-of-mouth’ popularity of the brand among people.
Future:
TATA 1mg is planning to launch business in tier-2 and tier-3 cities by 2025.