Reliance Retail Ventures has acquired a majority stake in Vitalic Health Pvt. Ltd and its subsidiaries, collectively known as Netmeds -- for a cash consideration of around Rs 620 crore (US$ 87.96 million).
Through this investment, around 60 per cent holding in the equity share capital of Vitalic and 100 per cent direct equity ownership of its subsidiaries, viz: Tresara Health Private Ltd, Netmeds Market Place Ltd and Dadha Pharma Distribution Pvt Ltd will be held by RIL.
“This investment is aligned with our commitment to provide digital access for everyone in India,” said Ms Isha Ambani, director of Reliance Retail Ventures.
“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,” she added.
Vitalic and its subsidiaries have a portfolio of pharma distribution, sales, and business support services. Netmeds is a subsidiary of Vitalic that runs an online pharmacy platform to connect customers to pharmacists and enable door-step delivery of medicines, nutritional health, and wellness products.
Dadha Pharma, a Chennai-based company, promotes Netmeds. The Dadha family’s pharmaceutical experience dates to 1914, when they ventured first into the pharma retailing business and then into drug manufacturing in 1972, Reliance Industries said in a release.
There have been many events taking place in the e-pharmacy business in the recent week. Amazon launched its ‘Amazon Pharmacy’ in Bengaluru last week and plans to conduct pilots in other cities, while there are reports that Walmart-owned Flipkart is also planning to foray in the space.
Online medical store, PharmEasy has agreed to merge with smaller rival Medlife, filings with India’s antitrust body show.
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