Reliance Buys Majority Stake In Online Pharmacy Netmeds For $83 Million
Netmeds is a licensed e-pharma portal that offers authenticated prescription and over the counter (OTC) medicine along with other health products in India.
Reliance Industries Ltd has acquired a majority stake in online pharmacy Netmeds for about 6.2 billion rupees ($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 combination said late on Tuesday its venture speaks to about 60% holding in Vitalic Health Pvt. Ltd. furthermore, 100% direct responsibility for auxiliaries.
Vitalic and its auxiliaries, on the whole, known as Netmeds, were joined in 2015. Netmeds is an authorized e-pharma gateway that offers confirmed remedy and over the counter (OTC) medication alongside other wellbeing items in India.
The COVID-19 emergency, which prodded a flood of web-based shopping, has prompted expanded rivalry between Amazon, Walmart-claimed Flipkart, Reliance’s upstart online staple help, JioMart and a scope of other littler players for an offer on the planet’s second-most crowded nation.
India is yet to settle guidelines for online medication deals, or e-drug stores, yet the development of online venders, for example, Medlife, Netmeds, Temasek-sponsored PharmEasy, and Sequoia Capital-upheld 1mg has undermined conventional medication stores.
Numerous broker gatherings are against e-drug stores, saying they would prompt offer of meds without appropriate confirmation.
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