Reliance to take on Amazon in e-pharmacy space with NetMeds acquisition

BENGALURU: Mukesh Ambani’s Reliance Industries Limited will now take on Amazon in the online pharmacy space by acquiring Chennai-based startup NetMeds.

The 100% acquisition of NetMeds is being done by the retail arm Reliance Retail Venture Limited (RRVL), which will also pick up a 60 percent majority equity stake in the parent company Vitalic Health Limited for Rs 620 crore, RIL said in a statement. This translates into a valuation of over Rs 1,000 crore for the company.