Reliance Industries is going to further expand its retail business as well as increase its business in the online market. Reliance on Tuesday through its subsidiary Reliance Retail, Chennai-based Vitalic Health Pvt. Ltd and its subsidiary have bought a large stake in online pharmacy company Netmeds. According to the information, the company has bought this stake for about Rs 620 crore.
Reliance Retail acquires Vitalic Health Pvt. Ltd, with a 60 per cent holding in the equity share capital, as well as 100 per cent direct equity honorships of its subsidiaries Tresara, Netmeds and Dadha Pharma.
RRVL Director Isha Ambani said that this investment is linked to our commitment to provide digital access for all in India.
He said that Netmeds will help us in expanding our affordable healthcare products and services to a great extent. Apart from this, its digital platform will be used well to meet the daily needs of consumers at the earliest.
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 investment and partnership will increase its business more rapidly.
Explain that Chennai-based Vitalic Health Pvt. Ltd and its subsidiaries started their business in 2015. Included among these subsidiaries is the online pharmacy company Netmeds which connects customers with pharmacists through online. Apart from all this, it also provides door step delivery of medicines to customers.
Netmeds founder and CEO Pradeep Dadha said that with the combined strength of Reliance’s digital, retail and tech platforms, we will be able to strengthen our channel among even more consumers. He said that after this agreement we will improve our service further.