Reliance Retail acquires majority stake in Netmeds for Rs 620 cr.

TIL Desk/Business/New Delhi/ Reliance Industries Limited (RIL) on Tuesday announced that its subsidiary Reliance Retail Ventures Limited (RRVL) has acquired a majority equity stake in Vitalic Health Pvt Ltd and its subsidiaries (collectively known as Netmeds) for a cash consideration of approximately Rs 620 crore.

This investment represents around 60 per cent holding in the equity share capital of Vitalic and 100 per cent direct equity ownership of its subsidiaries, Tresara Health Private Limited, Netmeds MarketPlace Limited and Dadha Pharma Distribution Private Limited.

Incorporated in 2015, Vitalic and its subsidiaries are in the business of pharma distribution, sales and business support services. Its subsidiary also runs an online pharmacy platform — Netmeds — to connect customers to pharmacists and enable door step delivery of medicines, nutritional health and wellness products.