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Reliance has acquired a controlling stake in the online pharmacy Netmeds for approximately 6.2 billion rupees.
Bengaluru:
Reliance Industries Ltd acquired a controlling stake in online pharmacy Netmeds for around 6.2 billion rupees ($ 83.08 million) in cash, days after e-commerce giant Amazon.com Inc launched a service online drug sales in India.
The oil and telecommunications conglomerate said on Tuesday evening that its investment represented about a 60% stake in Vitalic Health Pvt. Ltd. and 100% direct ownership of its subsidiaries.
Vitalic and its subsidiaries, collectively known as Netmeds, were incorporated in 2015. Netmeds is a licensed e-pharma portal that offers authenticated prescription and over-the-counter (OTC) drugs and other products health in India.
The COVID-19 crisis, which sparked a wave of online shopping, has led to increased competition between Amazon, Walmart-owned Flipkart, Reliance’s online grocery service, JioMart and a range of others small players partly in the second most populous in the world. country.
India has yet to finalize the regulation of online drug sales or online pharmacies, but the growth of online vendors such as Medlife, Netmeds, PharmEasy backed by Temasek and 1 mg backed by Sequoia Capital has threatened traditional pharmacies.
Many groups of traders are against electronic pharmacies, claiming that they will lead to the sale of drugs without proper verification.
(This story was not edited by NDTV staff and is auto-generated from a syndicated feed.)
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