RIL buys majority stake in Netmeds for Rs 620 crore


PTI, Aug 19, 2020, 9:11 AM IST

New Delhi: Reliance Retail Ventures Ltd has acquired a majority equity stake in Netmeds for a cash consideration of around Rs 620 crore, Reliance Industries said in a late-night statement on Tuesday, August 18.

“This investment represents around 60 percent holding in the equity share capital of Vitalic and 100 percent direct equity ownership of its subsidiaries Tresara Health Private Limited, Netmeds Market Place Limited and Dadha Pharma Distribution Pvt Limited,” the statement said.

Vitalic Health and its subsidiaries are collectively known as Netmeds. “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 healthcare products and services, and also broadens its digital commerce proposition to include most daily essential needs of consumers,” Reliance Retail Ventures Limited (RRVL) director Isha Ambani said.

Incorporated in 2015, Vitalic and its subsidiaries are in the business of pharma distribution, sales, and business support services. Its subsidiary also runs an online pharmacy platform -Netmeds to connect customers to pharmacists and enable doorstep delivery of medicines, nutritional health and wellness products.

“It is indeed a proud moment for “Netmeds” to join the 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,” Netmeds founder and CEO Pradeep Daddha said.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Infosys CEO Salil Parekh gets 88 pc jump in salary to Rs 79.75 crore

NCP lists eight ‘failures’ of Modi government

Delhi woman plots her own kidnapping to extort money from brother, arrested

UP budget 2022-23 meets aspirations of people: Adityanath

Ramanagara: 5 teachers, among 7 detained for question paper leak

Kamal Haasan on pan Indian cinema phenomenon: It’s nothing new, they have always been there

ED chargesheet: Political weapons against me ahead of Assembly polls, says Shivakumar


Related Articles More

Infosys CEO Salil Parekh gets 88 pc jump in salary to Rs 79.75 crore

Moody’s slashes Indian economy growth forecast to 8.8 pc for 2022

Twitter to pay $150mn penalty for failing to protect user data

IKEA to open flagship store in Bengaluru in June 2022

Vipul Organics hires a veteran of Chemicals Industry as Head of Sales and Marketing

MUST WATCH

Manipal Road Mishap Student end his Life

NEWS BULLETIN 25-05-2022

Wheel Chair Romeo actor exclusive interview | RELEASING ON MAY 27TH

Snake Rescue Operation at Sirsi

No Ticket For BY Vijayendra In Karnataka MLC Polls; BS Yediyurappa Reacts


Latest Additions

Infosys CEO Salil Parekh gets 88 pc jump in salary to Rs 79.75 crore

NCP lists eight ‘failures’ of Modi government

Koppala: Woman accuses Kottur Swamiji of issuing life threat, case filed

Bihar officers to face action if 5.51 lakh PMAY-G houses not completed by June

Bengal speaker flays Guv for “sitting” over bill to bifurcate Howrah civic body

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.