Mumbai, 19th Aug 2020: India’s leading oil & telecom company Reliance has acquired a majority equity stake in online pharmacy platform Netmeds for a cash consideration of around $83 million (Rs 620 crore).
This investment represents around 60 percent holding in the equity share capital of Vitalic and 100 percent direct equity ownership of its subsidiaries Tresara Health Private Limited, Netmeds Market Place Limited, and Dadha Pharma Distribution Pvt Limited, the press statement said.
Vitalic Health and its subsidiaries are collectively known as Netmeds.
“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,” Reliance Retail Ventures Limited (RRVL) director Isha Ambani said.
Incorporated in 2015, Vitalic and its subsidiaries are in the business of pharma distribution, sales, and business support services. Its subsidiary also runs an online pharmacy platform Netmeds to connect customers to pharmacists and enable doorstep delivery of medicines, nutritional health and wellness products.
“It is indeed a proud moment for “Netmeds” to join the Reliance family and work together to make quality healthcare affordable and accessible to every Indian. With the combined strength of the group”s digital, retail, and tech platforms, we will strive to create more value for everyone in the ecosystem, while providing a superior Omni Channel experience to consumers,” Netmeds founder and CEO Pradeep Daddha said.