Reliance Industries Ltd (RIL) has bought a majority stake in online pharmacy Netmeds for Rs. 620 crores. This the investment represents 60 percent holding in the equity share capital of Vitalic and 100 percent direct equity ownership of its subsidiaries, Tresara Health, Netmeds Market Place and Dadha Pharma Distribution Pvt Ltd.
Netmeds, a Chennai based online pharmacy / E-Pharmacy Startup founded in 2010. Mr. Pradeep Dadha is the founder of netmeds.com. Netmeds is promoted by Dadha Pharma, a Chennai-based company. The Startup has raised a total of $99M till date. The Startup is backed by OrbiMed, Tanncam Investment, Sistema Asia Capital, Daun Penh Cambodia Group.
“This investment is aligned with our commitment to provide digital access for everyone in India,” said Isha Ambani, director of Reliance Retail Ventures.
Mr. Pradeep Dadha, Founder & CEO of Netmeds is happy with the deal & they’ve made an announcement via Official Twitter account of NetMeds.
Ahead of the announcement, Reliance Industries Limited shares hit 52 week high at Rs 2,154.00
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