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Mumbai, August 18, 2020
The Mukesh Ambani-led Reliance Industries Limited (RIL) today announced that its subsidiary Reliance Retail Ventures Limited (RRVL) had acquired a majority equity stake in Vitalic Health Pvt. Ltd. and its subsidiaries, collectively known as Netmeds, for a cash consideration of approximately Rs 620 crore.
This investment represents about 60% holding in the equity share capital of Vitalic and 100% direct equity ownership of its subsidiaries -- Tresara Health Private Limited, Netmeds Market Place Limited and Dadha Pharma Distribution Pvt Limited, a press release from Reliance said.
Incorporated in 2015, Vitalic and its subsidiaries are in the business of pharma distribution, sales, and business support services. Its subsidiary also runs an online pharmacy platform – Netmeds – to connect customers to pharmacists and enable doorstep delivery of medicines, nutritional health and wellness products.
Isha Ambani, Director, RRVL, 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 Omni Channel experience to consumers.”
Netmeds is a fully licensed e-pharma portal that offers authenticated prescription and Over the Counter (OTC) medicine along with other health products. Netmeds offers a pan-India solution for the quick online purchase and fast delivery of prescription medications to over 20,000 pin codes.
Netmeds has served over 5.7 million customers in more than 670 cities and towns. Consumers get access to more than 70,000 prescription drugs for chronic and recurring ailments as well as enhanced lifestyle drugs and thousands of non-prescription goods for wellness, health, and personal care.
Netmeds is promoted by Dadha Pharma, a Chennai-based company. The Dadha family’s pharmaceutical experience dates back to 1914, when they ventured first into the pharma retailing business and then into drug manufacturing in 1972, the release added.