Reliance Retail has entered the online medicine delivery space by acquiring 60% equity stake in e-pharmacy startup Netmeds and with this acquisition, Reliance has got the 100% equity ownership of Netmeds subsidiaries — Tresara Health Pvt Ltd, Netmeds Marketplace Ltd and Dadha Pharma Distribution Private Limited. All these subsidiaries are collectively known as Netmeds, and are in the business of pharma distribution and sales, and business support services.
Netmeds was founded in 2010 by Pradeep Dadha. The startup is a licensed pharmacy marketplace that offers authenticated prescription and over-the-counter (OTC) medicine digitally along with other health products. Netmeds claims to have served more than 3.7 Mn customers in over 610 cities and towns till now.
The e-pharmacy startup has acquired two health-tech startups: KiViHealth and telemedicine startup JustDoc.
Netmeds’ founder and CEO Pradeep Dadha, said, “As a third-generation entrepreneur, I have the greatest admiration for Reliance, the biggest global Indian brand and a multinational conglomerate, which has the welfare of every Indian at the heart of its operations.”
Reliance Retail believes that this investment will allow it to further enhance affordable availability of essential quality health care products and services offered by the company itself. Alongside this, the investment will also increase its digital offerings.
The acquisition comes on the back of rival Amazon launching online drug sales in Bengaluru – Amazon Pharmacy which will offer both over-the-counter and prescription-based drugs.
“With the combined strength of the group’s digital, retail and tech platforms, we will strive to create more value for everyone in the ecosystem, while providing a superior Omni Channel experience to consumers. In the coming years, we will cover many more cities, serve many more customers, expand to many more categories and work to fulfil the ‘Make in India’ dream.” added Founder and CEO of Netmeds, Pradeep Dadha.