Reliance Retail acquires majority stake in online pharmacy Netmeds
Reliance Retail Ventures Ltd has acquired a majority equity stake in Netmeds for a cash consideration of around Rs 620 crore, Reliance Industries said in a late-night statement on Tuesday.
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.
Vitalic Health and its subsidiaries are collectively known as Netmeds.
"This investment is aligned with our commitment to provide digital access to everyone in India. The addition of Netmeds enhances Reliance Retail's ability to provide good quality and affordable healthcare 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 door-step 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 omnichannel experience to consumers," Netmeds Founder and CEO Pradeep Daddha said.
Earlier in July, at the annual general meeting (AGM) of the Reliance Industries Ltd (RIL), Mukesh Ambani said Reliance Retail was now becoming an omnichannel platform, through which JioMart will integrate suppliers, consumers, and small stores on the same platform. JioMart will use WhatsApp to connect consumers for digital fulfilment and payments.
(Disclaimer: Additional background information has been added to this PTI copy for context)
(Edited by Teja Lele Desai)