Online pharmacy platform Tata 1mg revenue for operations has surged by nearly 160 per cent year-on-year to ₹1,627 crore for the year ended March 31 .

The revenue for the previous fiscal year stood at ₹627 crore. 

However, Tata 1mg net loss nearly more than doubled to ₹1,254.9 crore in FY23, compared with ₹526 crore in the previous year, according to data from Tofler.

Nearly 80 per cent of its revenue came from the sale of medicines while the rest came from services like diagnostics, tests and others. 

Revenue from sale of products stood at ₹1,290 crore in FY23, more than double the previous year, while income from services and other operations totalled ₹337 crore.

The company’s total expenses increased to ₹2,894 core in FY23 from ₹1,171 crore in FY22.

Recently, the company along with other companies like Pharmeasy, Flipkart Health+, Netmeds others were issued a showcase notice by the Central Drugs Standard Control Organisation (CDSCO) for violation of existing norms.

Tata Group acquired a majority stake in 1mg in June 2021 for about $250 million.