RIL acquires majority stake in Netmeds for Rs 620 crore

Reliance Industries Limited has obtained a majority stake in the Chennai based Vitalic Health Pvt Ltd as well as it's subsidiaries which are collectively termed as Netmeds, for around ₹620 crores in real money, through its subsidiary, Reliance Retail Ventures Limited (RRVL), as reported by India Today.

 

The investment occupies 60% holding in the Vitalic Health Pvt Ltd as well as 100% direct ownership of its subsidiaries which also incorporate Netmeds Market Place Limited as well as Tresara Health Private Limited.

 

As stated by Isha Ambani, the Director of Reliance Retail Ventures Limited in an Economic Times report, this infusion is in line with the platform's pledge to facilitate advanced access to everybody in the Indian nation.

 

She also stated that Netmeds improves Reliance Retail's capacity to offer economical health care items and services, and furthermore widens its digital commerce scheme to incorporate most day by day fundamental needs of customers. 

 

She also added that the platform is intrigued by Netmeds' excursion to develop an across the country digital franchise in a brief timeframe and have faith in quickening the journey through their infusion and alliance.

 

Vitalic and its subsidiaries were founded in the year of 2015.  The platform's subsidiary likewise operates an online pharmacy store Netmeds for connecting consumers to pharmacists and empowering direct doorstep conveyance of medications, nutritional health, and wellness items. 

 

The Reliance Retail platform had also partnered with Netmeds in the month of May to deliver groceries through its online retail location JioMart.