Reliance Industries (RIL) announced that its subsidiary Reliance Retail Ventures Limited (RRVL) has acquired a majority equity stake in Vitalic Health and its subsidiaries Netmeds for a cash consideration of approximately Rs 620 crore. The investment represents around 60 percent holding in the equity share capital of Vitalic and 100 percent direct equity ownership of its subsidiaries -- Tresara Health, Netmeds Market Place and Dadha Pharma Distribution.

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Vitalic and its subsidiaries are in the pharma distribution, sales, and business support services. Its subsidiary run Netmeds that connects customers to pharmacists and enable door step delivery of medicines, nutritional health and wellness products.

Speaking about the investment, Isha Ambani, Director of RRVL, said, “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 health care products and services, and also broadens its digital commerce proposition to include most daily essential needs of consumers. We are impressed by Netmeds’ journey to build a nationwide digital franchise in such a short time and are confident of accelerating it with our investment and partnership.”

Pradeep Dadha, Founder & CEO of Netmeds said, “It is indeed a proud moment for “Netmeds” to join 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.”

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First Published:Aug 19, 2020 12:00 AM IST