Netmeds portal acquire for RIL network
Reliance Retail Ventures Ltd (RRVL) has broadened its digital commerce proposition to include the most daily essential needs of consumers with the approximately Rs.620 crore acquisition of the pharma group.
RRVL has acquired a majority equity stake in an online pharmacy Vitalic Health Pvt Ltd and its subsidiaries under Netmeds, a fully licensed e-pharma portal that offers authenticated prescription and Over the Counter (OTC) medicine along with other health products.
This investment represents 60% holding in the equity capital of Vitalic and 100% direct equity ownership of its subsidiaries — Tresara Health Private Ltd, Netmeds Market Place Ltd and Dadha Pharma Distribution Pvt Ltd, Reliance Industries Limited (RIL) said on 18 August 2020.
“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.
Netmeds is promoted by Chennai-based Dadha Pharma. Netmeds has served over 5.7 million customers in more than 670 cities and towns.
RRVL director Isha Ambani 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.” #online #pharmacy #retail #reliance #jio @portal /fiinews.com
