Reliance acquired a majority stake in on-line pharmacy Netmeds for about Rs 6.2 billion.
Bengaluru:
Reliance Industries Ltd has acquired a majority stake in on-line pharmacy Netmeds for about 6.2 billion rupees ($83.08 million) in money, days after e-commerce big Amazon.com Inc launched a web based drug gross sales service in India.
The oil-to-telecoms conglomerate mentioned late on Tuesday its funding represents about 60% holding in Vitalic Well being Pvt. Ltd. and 100% direct possession of its subsidiaries.
Vitalic and its subsidiaries, collectively referred to as Netmeds, had been integrated in 2015. Netmeds is a licensed e-pharma portal that provides authenticated prescription and over-the-counter (OTC) drugs together with different well being merchandise in India.
The COVID-19 disaster, which spurred a wave of on-line procuring, has led to elevated competitors between Amazon, Walmart-owned Flipkart, Reliance’s upstart on-line grocery service, JioMart and a variety of different smaller gamers for a share on this planet’s second most populous nation.
India is but to finalize rules for on-line drug gross sales, or e-pharmacies, however development of on-line sellers similar to Medlife, Netmeds, Temasek-backed PharmEasy and Sequoia Capital-backed 1mg has threatened conventional drug shops.
Many dealer teams are in opposition to e-pharmacies, saying they might result in sale of medicines with out correct verification.
(This story has not been edited by NDTV workers and is auto-generated from a syndicated feed.)
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