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  Business   Companies  19 Aug 2020  Reliance acquires majority stake in online pharmacy Netmeds

Reliance acquires majority stake in online pharmacy Netmeds

REUTERS
Published : Aug 19, 2020, 9:03 am IST
Updated : Aug 19, 2020, 9:03 am IST

The company said its investment represents about 60% holding in Vitalic Health Pvt. Ltd. and 100% direct ownership of its subsidiaries

 Reliance buys majority stake in online pharmacy Netmeds for $83 million. (PTI Photo)
  Reliance buys majority stake in online pharmacy Netmeds for $83 million. (PTI Photo)

BENGALURU: Reliance Industries Ltd has acquired a majority stake in online pharmacy Netmeds for about Rs 620 crore ($83.08 million) in cash, days after e-commerce giant Amazon.com Inc launched an online drug sales service in India.

The oil-to-telecoms conglomerate said here late on Tuesday its investment represents about 60% holding in Vitalic Health Pvt. Ltd. and 100% direct ownership of its subsidiaries.

 

Vitalic and its subsidiaries, collectively known as Netmeds, were incorporated in 2015. Netmeds is a licensed e-pharma portal that offers authenticated prescription and over the counter medicine along with other health products in India.

The COVID-19 crisis, which spurred a wave of online shopping, has led to increased competition between Amazon, Walmart-owned Flipkart, Reliance’s upstart online grocery service, JioMart and a range of other smaller players for a share in the world’s second most populous country.

India is yet to finalize regulations for online drug sales, or e-pharmacies, but growth of online sellers such as Medlife, Netmeds, Temasek-backed PharmEasy and Sequoia Capital-backed 1mg has threatened traditional drug stores.

 

Many trader groups are against e-pharmacies, saying they would lead to sale of medicines without proper verification.

Tags: reliance industries ltd, ril, online pharmacy, netmeds, e-commerce, amazon
Location: India, Karnataka, Bengaluru