Reliance Buys Majority Stake In Online Pharma Netmeds For 620 Crore …!

Reliance buys majority stake in online Pharma Netmeds for 620 crore …!

Reliance Industries (RIL) said on August 18 that it acquired a 60 percent stake in online pharmacy Netmeds for Rs 620 crore in a deal that pits India’s largest company directly against e-commerce giant Amazon in a hotly contested space.The deal values Netmeds around Rs 1,000 crore.

 Reliance Buys Majority Stake In Online Pharma Netmeds For 620 Crore …!-TeluguStop.com

The acquisition gives RIL’s retail unit Reliance Retail entry into a vertical e-commerce space, one of the few that has soared during the COVID-19 pandemic, in addition to its online grocery platform JioMart.

Founded by Pradeep Dadha, Netmeds currently delivers medicines, personal and baby care items, and provides doctor bookings and diagnostics on its website and app.It has been looking for a buyer for nearly a year now after it was unable to raise a large round of funding.

Its investors include Singapore-based Daun Penh Cambodia Group, Sistema Asia Fund, Tanncam Investment, and healthcare-focused investment firm OrbiMed.

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