Reliance Retail Ventures Limited (RRVL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), has acquired a majority stake in pharma marketplace Netmeds for about ₹620 crore. RRVL has acquired the stake by acquiring a stake in Vitalic and its subsidiaries, which owns the Netmeds brand.
This investment represents about 60 per cent holding in the equity share capital of Vitalic and 100 per cent direct equity ownership of its subsidiaries such as Tresara Health Private Ltd, Netmeds Market Place Ltd and Dadha Pharma Distribution Pvt Ltd, RIL said in a statement.
“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,” Isha Ambani, Director at RRVL said.
“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,” she added. “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,” Pradeep Dadha, Founder & CEO, Netmeds, said. Netmeds is a fully licensed e-pharma portal that offers prescription and Over the Counter (OTC) medicine along with other health products.