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 large Amazon.com Inc launched a web-based drug gross sales service in India.
The oil-to-telecoms conglomerate stated late on Tuesday its funding represents about 60% holding in Vitalic Health 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 gives authenticated prescription and over-the-counter (OTC) medication together with different well being merchandise in India.
The COVID-19 disaster, which spurred a wave of on-line buying, has led to elevated competitors between Amazon, Walmart-owned Flipkart, Reliance’s upstart on-line grocery service, JioMart and a spread of different smaller gamers for a share on the planet’s second most populous nation.
India is but to finalize laws for on-line drug gross sales, or e-pharmacies, however progress of on-line sellers resembling Medlife, Netmeds, Temasek-backed PharmEasy and Sequoia Capital-backed 1mg has threatened conventional drug shops.
Many dealer teams are towards e-pharmacies, saying they might result in sale of medicines with out correct verification.
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