Several large Indian business houses have now entered the health tech sector. The Tata Group recently signed an agreement to buy a 65 per cent stake in online dispensary 1mg.com, valuing the company at about $175 million. Img.com’s existing investors include Sequoia, IFC and Omidyar.
Then, in another high profile transaction, Reliance Retail acquired a 60 per cent stake in Netmeds.com, another online dispensary for $85 million. Healthpix, IVF Access, Phable and Curefit were among the Indian health tech start-ups that raised funds in 2020.
The big investors included Temasek Holdings, the Bill and Melinda Gates Foundation, Omidyar, JSW Ventures besides the Tata Group and Reliance.
With the pandemic making people wary of face-to-face interactions, the health tech sector is likely to grow at a fast clip in the quarters ahead.