Reliance Industries Constrained (RIL) announced that its subsidiary Reliance Retail Ventures Constrained (RRVL) has acquired a bulk equity stake in Vitalic Well being (Vitalic) and its subsidiaries collectively identified as Netmeds for a income consideration of roughly Rs. 620 crores.
The investment represents 60 % holding in the equity share capital of Vitalic and one hundred % direct equity ownership of its subsidiaries, Tresara Well being, Netmeds Market Spot and Dadha Pharma Distribution, in accordance to a release by RIL on Tuesday.
Isha Ambani, Director, RRVL, mentioned that this investment is aligned with the company’s dedication to deliver digital accessibility for all people in India.
“The addition of Netmeds Reliance Retail’s potential to deliver excellent excellent and inexpensive well being care items and solutions, and also broadens its digital commerce proposition to consist of most day by day crucial requirements of buyers. We are impressed by Netmeds’ journey to develop a nationwide digital franchise in this kind of a quick time and are assured of accelerating it with our investment and partnership,” she mentioned.
Integrated in 2015, Vitalic and its subsidiaries are in the small business of pharma distribution, product sales, and small business assistance solutions. Its subsidiary also runs an on the net pharmacy platform, Netmeds, to connect buyers to pharmacists and allow door phase delivery of medicines, dietary well being, and wellness items.
Speaking on the event, Pradeep Dadha, Founder & CEO, Netmeds, mentioned, “It is without a doubt a proud minute for ‘Netmeds’ to join Reliance family and do the job with each other to make excellent healthcare inexpensive and available to every single Indian. With the mixed power of the group’s digital, retail and tech platforms, we will strive to make much more worth for all people in the ecosystem, though supplying a superior Omni Channel encounter to buyers.”