Reliance Industries (RIL) late on Tuesday (August 18, 2020) announced that its retail arm Reliance Retail Ventures Limited (RRVL) took over a majority stake in Vitalic Health and its subsidiaries Netmeds. The financial consideration of the deal is nearly Rs. 620 crore. As part of the deal, the company has acquired 60% stake in the equity capital of Vitalic and a complete ownership of its subsidiary companies including Tresara Health, Netmeds Market Place and Dadha Pharma Distribution.
The acquired company i.e. Vitalic and its subsidiary companies are into the business of pharma distribution, sales as well as business support services. And Netmeds provides a platform that connects chemists with customers and offers doorstep delivery of medicines, wellness products and nutritional health.
On the deal, RRVL Director Isha Ambani 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."