New Delhi: Reliance Industries Restricted (RIL) on Tuesday introduced that its subsidiary Reliance Retail Ventures Restricted (RRVL) has acquired a majority fairness stake in Vitalic Well being Pvt Ltd and its subsidiaries (collectively generally known as Netmeds) for a money consideration of roughly Rs 620 crore.
This funding represents round 60 per cent holding within the fairness share capital of Vitalic and 100 per cent direct fairness possession of its subsidiaries, Tresara Well being Personal Restricted, Netmeds MarketPlace Restricted and Dadha Pharma Distribution Personal Restricted.
Integrated in 2015, Vitalic and its subsidiaries are within the enterprise of pharma distribution, gross sales and enterprise assist providers. Its subsidiary additionally runs a web-based pharmacy platform — Netmeds — to attach clients to pharmacists and allow doorstep supply of medicines, dietary well being and wellness merchandise.
Talking on the newest strategic funding, Isha Ambani, Director, RRVL, mentioned, “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 the 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 and CEO, Netmeds, mentioned, “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 Omni Channel experience to the consumers.”
Netmeds is a fully-licensed e-pharma portal that provides authenticated prescription and over-the-counter (OTC) medication together with different well being merchandise.
Netmeds provides a pan-India answer for fast on-line buy and quick supply of prescription drugs to over 20,000 pin codes.
Netmeds is promoted by Dadha Pharma, a Chennai-based firm. The Dadha household’s pharmaceutical expertise dates again to 1914, when it ventured first into the pharma retailing enterprise after which into drug manufacturing in 1972.
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