Reliance Retail has acquired a majority equity stake in 'Netmeds' for approximately Rs 620 crores. The announcement was made by the Reliance Industries Limited (RIL) through a statement on August 18, 2020.
RIL announced that its subsidiary Reliance Retail Ventures Limited (RRVL) has acquired a majority stake in Vitalic Health Pvt. Ltd and its subsidiaries, which are collectively known as 'Netmeds' for approximately Rs 620 crores.
RRVL Director Isha Ambani stated that the investment is aligned with their commitment to providing digital access for everyone in India. She further stated that they are impressed with Netmeds' journey to build a nationwide digital franchise in such a short time and are confident of accelerating it with their investment and partnership.
Key Highlights
• Reliance Retail has invested to acquire 60 percent holding in the equity share capital of Vitalic and 100 percent direct equity ownership of its subsidiaries including Netmeds Market Place Limited, Dadha Pharma Distribution Pvt Limited and Tresara Health Private Limited.
• Acquiring a majority stake in Netmeds will enhance Reliance Retail's ability to provide good quality and affordable health care products and services to people across India.
• The move will also help Reliance Retail broaden its digital commerce proposition to include most daily essential needs of consumers.
Vitalic Health
Vitalic Health Private Limited is a Private incorporated, which was established on September 7, 2015. Vitalic and its subsidiaries are mainly in the business of pharma distribution, sales, and business support services.
Netmeds, one of its subsidiary online pharmacy platforms, aims to connect customers with nearby pharmacists and enable doorstep delivery of medicines, wellness and nutritional health products.
Speaking on the latest RIL investment, Founder and CEO of Netmeds, Pradeep Dadha said that it is a proud moment for 'Netmeds' to join Reliance family and work jointly to make quality healthcare not only affordable but accessible to all Indian citizens. He further said that with the combined strength of the group's digital, retail and tech platform they will be able to create more value and provide a superior Omni Channel experience to consumers.
Background
RIL's move of acquiring a majority stake in the online pharmacy platform- Netmeds comes just a few days after e-commerce giant Amazon launched its online drug sale service in India.
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