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New Delhi, Aug.19 (IANS): Reliance Industries Limited (RIL) on Tuesday announced that its subsidiary Reliance Retail Ventures Limited (RRVL) has acquired a majority equity stake in Vitalic Health Pvt Ltd and its subsidiaries (collectively known as Netmeds) for a cash consideration of approximately INR 620 crore.
This investment represents around 60 per cent holding in the equity share capital of Vitalic and 100 per cent direct equity ownership of its subsidiaries, Tresara Health Private Limited, Netmeds MarketPlace Limited and Dadha Pharma Distribution Private Limited.
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 door step delivery of medicines, nutritional health and wellness products.
Speaking on the latest strategic investment, 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 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, said, "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 offers authenticated prescription and over the counter (OTC) medicine along with other health products.
Netmeds offers a pan-India solution for quick online purchase and fast delivery of prescription medications to over 20,000 pin codes. Netmeds is promoted by Dadha Pharma, a Chennai-based company. The Dadha family's pharmaceutical experience dates back to 1914, when it ventured first into the pharma retailing business and then into drug manufacturing in 1972.