Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries, has acquired 60 per cent stake in online pharmacy Netmeds. Reliance has done this deal for 620 crores rupees. Reliance announced this on Tuesday. Actually, RRVL has bought this stake in Vitalic Health Pvt Ltd, its subsidiaries which are collectively known as NetMeds. Reliance has bought 100 per cent stake in subsidiaries Trisara Health Pvt Ltd, Netmeds Market Place Ltd and Dadha Pharma Distribution Pvt Ltd.
Founded by Pradeep Dadha, Netmeds currently distributes medicines, personal care, baby care items. It also offers doctor booking and diagnostics services on its website and app. Netmeads have been looking for buyers for almost a year, as it requires large scale funds.
Isha Ambani, director of Reliance Retail Ventures, said in a statement that the addition of NetMeds will enhance Reliance Retail’s ability to deliver good quality and affordable healthcare products and services, and to meet the daily needs of consumers as soon as possible. Digital platforms will be used well.
He said that Netmeds has expanded its online business within the country in a very short time and we are very impressed by it. He said that our investments and partnerships will increase its business more rapidly. According to people close to the deal, RIL was already eyeing the sector.