Updated: August 19, 2020 4:06:53 am
Strengthening its presence in the e-commerce business, Reliance Industries Limited (RIL) on Tuesday said its subsidiary Reliance Retail Ventures Ltd (RRVL) has acquired a majority equity stake in online pharmacy Vitalic Health Pvt Ltd and its subsidiaries — known as Netmeds — 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 — Tresara Health Private Ltd, Netmeds Market Place Ltd and Dadha Pharma Distribution Pvt Ltd, RIL said in a late night announcement.
Netmeds is a fully licensed e-pharma portal that offers authenticated prescription and Over the Counter (OTC) medicine along with other health products. “Netmeds offers a pan-India solution for the quick online purchase and fast delivery of prescription medications to over 20,000 pin codes,” RIL said in a statement.
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. We are impressed by Netmeds’ journey to build a nationwide digital franchise in such a short time and are confident of accelerating it with our investment and partnership.”
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. 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.”
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