Mukesh Ambani's Reliance Retail, one of Asia's biggest rich, has now entered the pharma sector. Reliance Retail Ventures Limited has bought a majority stake in Digital Pharma Market Place Netmeds for Rs 620 crore. Reliance Industries Limited has given this information in a statement released late on Tuesday. The company statement said that through this investment, it has acquired close to 60 per cent of Vitalik and 100 per cent direct equity share capital in its subsidiaries Tresra Health Pvt Ltd, Netmeds Market Place Ltd and Dadha Pharma Distributions Pvt Ltd. Vitalik Health and all its subsidiaries are known as NetMeds.
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Isha Ambani, director of Reliance Retail Ventures Limited (RRVL), said, "This investment matches our commitment to ensure digital access to all in India." With the involvement of Netmeds, Reliance Retail will increase its ability to provide good quality and affordable healthcare products and services. Along with this, the scope of digital commerce of the company will also increase and it will include most items of daily essential consumption.
Vitalik and its subsidiaries have been operating since 2015. These companies are working in the field of drug distribution, sales and related services. Its subsidiaries run an online pharmacy platform (NetMeds), which connects customers with pharmacists and delivers medicines, nutritional and health-related products to the door.
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Netmads has been valued at Rs 1,000 crore for this deal. With this acquisition, Reliance Retail Kovid, the retail unit of Reliance, has entered the e-commerce sector with a strong performance during the 19 pandemic period. The company is already established on the online grocery platform through Jio Mart. With this acquisition, India's largest company Reliance Industries Limited is directly in a position to compete with the e-commerce giant Amazon.
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Reliance Retail Ventures Limited has bought a majority stake in Digital Pharma Market Place Netmeds for Rs 620 crore. Isha Ambani, director of Reliance Retail Ventures Limited (RRVL), said, This investment matches our commitment to ensure digital access to all in India. With the involvement of Netmeds, Reliance Retail will increase its ability to provide good quality and affordable healt
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