RIL buys majority stake in Netmeds

Reliance Industries informed that its subsidiary Reliance Retail Ventures has acquired a majority equity stake in online pharmacy Vitalic Health and its subsidiaries (known as Netmeds), in a deal of around Rs 620 crores.

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, Netmeds Market Place and Dadha Pharma Distribution,  said RIL.

“Netmeds offers a pan-India solution for the quick online purchase and fast delivery of prescription medications to over 20,000 pin codes,” said RIL through a statement.

Isha Ambani, Director, Reliance Retail Ventures, 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 omnichannel experience to consumers.”