Reliance Retail yesterday announced the acquisition of a 60% holding in Netmeds Market Place Limited through its holding company ‘Vitalic’ which has 100% direct ownership of its subsidiaries, namely Tresara Health Private Limited, Netmeds Market Place Limited, and Dadha Pharma Distribution Pvt Limited.
The acquisition comes at a cost of Rs 620 crores which represents 60% holding in Vitalic which was incorporated in 2015. It runs pharmacy distribution, sales, and business support services. Netmeds allows customers to connect to pharmacists and enable doorstep delivery of medicines, nutritional health, and wellness products.
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.”
Speaking on this strategic investment, Ms. 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.”
