Reliance Industries Limited (RIL) today announced that its subsidiary Reliance Retail Ventures Limited (RRVL) has acquired a majority equity stake in Vitalic Health Pvt. Ltd. (“Vitalic”) and its subsidiaries (Collectively known as ‘Netmeds’) for a cash consideration of approximately INR 620 crores. This investment represents ~60% holding in the equity share capital of Vitalic and 100% direct equity ownership of its subsidiaries, viz: Tresara Health Private Limited, Netmeds Market Place Limited and Dadha Pharma Distribution Pvt Limited.
Incorporated in 2015, Vitalic and its subsidiaries are in the business of pharma distribution, sales, and business support services. Its subsidiary also runs an online pharmacy platform– Netmeds – to connect customers to pharmacists and enable door step delivery of medicines, nutritional health and wellness products.
Speaking on this strategic investment, Ms. Isha Ambani, Director, 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, 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.”
Pradeep Dadha, Founder & CEO, Netmeds, said on twitter “I am happy to share with you that Reliance is now a majority shareholder in our group! We are the latest addition to the Reliance Retail family. It’s indeed a proud moment for us, as a ‘Make in India’ brand, to be able to continue our promise to be ‘India ki pharmacy’ with the support of one of the largest multinational conglomerates.”
“Using cutting-edge digital technology, it is our goal to make quality healthcare affordable and accessible to every Indian. With the combined strength of the digital, retail and tech platforms, we will soon strengthen the supply chain, link producers, consumers and healthcare stakeholders into a holistic network.” he said
