Reliance Industries’s Reliance Retail Ventures has acquired a majority stake in e-pharma portal Netmeds for Rs 620 crore on Tuesday, the latest deal in its move to expand its digital services business.
Reliance will have 60% holding in Vitalic Health Pvt. Ltd. and 100% direct ownership of its subsidiaries, collectively known as Netmeds, the company said in a statement. Vitalic Health and its subsidiaries were incorporated in 2015. Netmeds is an online portal which offers services like authenticated prescription, over the counter medicine with doorstep delivery and various other health 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. Reliance’s announcement comes days after e-commerce giant Amazon announced an online medical delivery service in India.
India has not yet finalized regulations related to the sale of drugs online and many trader groups are opposed to the idea of online pharmacies as it will hurt their business and may also lead to drug sale without proper prescription.