Reliance Industries has acquired a major stake in Vitalic Health and subsidiary Netmeds, through the Reliance Retail Ventures Limited arm, CNBC TV-18 reports.
The stake includes 60 percent in Vitalic Health and 100 percent direct equity ownership in subsidiaries Tresara Health, Netmeds Market and Dadha Pharma Distribution.
Netmeds works to connect customers to pharmacists and allows for doorstop deliveries for medicines and nutritional health and wellness products.
Pradeep Dadha, founder and CEO of Netmeds, called it a “proud moment” to join the Reliance family.
He said he was looking forward to “work together to make quality healthcare affordable and accessible to every Indian,” utilizing Reliance’s combined digital, retail and tech platforms to help people.
Vitalic Health primarily works in the pharma distribution and sales business, along with business support.
Isha Ambani, director of Reliance Retail Ventures Limited, said the move was a step toward helping to digitize the way people can deal with pharmaceutical issues.
“The addition of Netmeds enhances Reliance Retail’s ability to provide good quality and affordable health care products and services, and also broadens its digital commerce proposition to include most daily essential needs of consumers,” Ambani said in the report.
Reliance has been testing its eCommerce portal in India following an investment from Facebook into subsidiary JioMart. Facebook’s partnership with messenger app WhatsApp, in connection with the JioMart investment, could make it easier for residents to pay digitally at the country’s mom and pop retailers.
Mukesh Ambani, India’s richest man, is in charge of JioMart, and is hoping to establish a rival to Amazon and Walmart’s FlipKart for India’s eCommerce market.
Reliance, on something of a buying spree as of late, is also considering buying furniture retailer Urban Ladder in a $30 million deal, according to a report from The Times of India.
Reliance is also reportedly looking into a purchase of delivery company Milkbasket.
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