To strengthen its e-commerce business, Reliance Industries Limited (RIL) said its subsidiary Reliance Retail Ventures Ltd (RRVL) has acquired a majority equity stake in online pharmacy Netmeds. The deal was for a cash consideration of around Rs 620 crore.
This investment represents 60 per cent holding in the equity capital of Vitalic and 100 per cent direct equity ownership of its subsidiaries including Tresara Health Private Ltd, Netmeds Market Place Ltd and Dadha Pharma Distribution Pvt Ltd.
Netmeds is a fully licensed e-pharma portal that offers authenticated prescription and Over the Counter (OTC) medicine along with other health products.
Netmeds is promoted by Chennai-based Dadha Pharma. Netmeds has served over 5.7 million customers in more than 670 cities and towns.
Isha Ambani, director, RRVL, said, “This investment is aligned with our commitment to provide digital access for everyone in India. The addition of Netmeds enhances Reliance Retail’s ability to provide good quality and affordable health care products and services, and also broadens its digital commerce proposition to include most daily essential needs of consumers.”
Pradeep Dadha, founder & CEO, Netmeds, said, “It is indeed a proud moment for Netmeds to join Reliance family and work together to make quality healthcare affordable and accessible to every Indian.”