Reliance Retail Venture Limited (RRVL), fully owned by Reliance Industries Limited acquires majority stakes of the Chennai-based online pharmacy platform Vitalic Health Pvt. Ltd. and its subsidiaries, together commonly known as Netmeds.
Reliance spends Rs. 620 crores in cash for it and bagged 60% equity share of the main company Vitalic Health Pvt. Ltd., along with 100% ownership of the subsidiaries that include Tresara Health Private Limited, Netmeds Market Place Limited and Dadha Pharma Distribution Pvt Limited.
The Director of RRVL, Isha Ambani said that this move will enhance the company’s health care and product service and that’s also at affordable prices. She added, “This investment is aligned with our commitment to provide digital access for everyone in India,”
“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,” – Isha.
The Founder and CEO of Netmeds, Pradeep Dadha said, “With the combined strength of the Reliance’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.”
A few days earlier, Amazon India started its online drug store named “Amazon Pharmacy” in Bangalore. It already partnered with Giant Eagle Pharmacy, a US-based company in November.
An EY report said, the e-pharmacy market valued $9.3 billion in 2019 and can reach up to $18.1 billion by the next four years (by 2023) with an 18.1% compounded annual growth rate.
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