Breaking Reliance Jio buys majority stakes in Netmeds

[iDJ]

Reliance Industries (RIL) said on August 18 that it acquired 60 percent stake in online pharmacy Netmeds for Rs 620 crore in a deal that pits India’s largest company directly against e-commerce giant Amazon in a hotly contested space. The deal values Netmeds around Rs 1,000 crore.

The acquisition gives RIL’s retail unit Reliance Retail entry into a vertical e-commerce space, one of the few that has soared during the COVID-19 pandemic, in addition to its online grocery platform JioMart.

RIL buys Netmeds, sets up hot e-pharmacy contest with Amazon