Reliance will compete in online pharmacy
Reliance has taken a 60 per cent stake in Vitalik Health and its subsidiary companies, collectively known as NetMeds. With this, tremendous competition is going to start in the online pharmacy business of the country where Amazon has entered.
Reliance will give a tough competition in online pharmacy
Invested 620 crores in netmeds
It is an online drug selling company.
Reliance Industries has invested Rs 620 crore in online pharmacy company Netmeds. Reliance has taken a 60 per cent stake in Vitalik Health and its subsidiary companies, collectively known as NetMeds.
There will be tremendous competition
With this, tremendous competition is going to start in the online pharmacy business of the country, where Amazon has entered and Flipkart is also planning to enter it.
According to the agreement, Reliance has taken a 60 per cent equity holding in Vitalik, while it will get 100 per cent stake in its subsidiaries Tresra Health, Netmeds Market Place and Dadha Pharma Distribution.
Vitalik was founded in 2015 and has subsidiaries in pharma distribution, sales and business support services. The online pharmacy business is operated by its subsidiary in the name of NetMeds. Which connects customers to pharmacists and delivers medicines, nutritional and wellness products directly to their home.
What did Reliance say
Reliance Retail Director Isha Ambani said in a statement, ‘This investment is in line with our commitment in which we have talked about digital access to every person in India. With the addition of Netmeds, Reliance Retail will be able to provide good quality and affordable healthcare products and services. We have been impressed by the way NetMedes has developed a nationwide digital franchise in a very short time.
What does netmeds do
Netmeds is an e-pharma portal selling prescription-based and over-the-counter medicines and other health products. Its services are available in around 20,000 locations of the country. Its promoter is Chennai based company Dadha Pharma.
It is worth noting that in the last week itself, the multinational e-commerce company, Amazon, has also stepped into the online pharmacy business. The company has started e-pharmacy service from Bengaluru.
