Reliance Retail Industry to Acquire Netmeds to its Empire.
- Mukesh Ambani is strengthening his e-commerce segment and is now reportedly looking to include e-pharmacy in his list of acquisitions. According to a TOI report, Reliance is looking to buy a majority stake in the online pharmacy company Netmeds.
- Netmeds, which was facing challenges in delivery during lockdown , had already partnered with Reliance Retail to deliver medicines in April 2020.
- The deal talks with Netmeds has come at a time when Reliance is doubling down on its e-commerce venture JioMart
- Netmeds founded in 2010 by Pradeep Dadha, the startup has so far raised about $100 million from investors like Sistema Asia Fund, Cambodian investment company Tanncam, private equity firm OrbiMed and others. The company claims to deliver products to over 19,000 pin codes across the country and has a 4 million user base.