Reliance Acquired Majority Stake of Netmeds for $83 Million

Reliance
Reliance Latest News Updates - INDIALIVEDAILY.COM

Business Desk: Reliance Latest News Updates: The Reliance Industries Ltd. has acquired a majority stake of the online pharmacy company Netmeds for $83 million which is approx 620 crores in Indian Rupees in cash, just after Amazon India launched an online medicine and drugs sells service.

According to a press statement by Reliance, the investment represents 60% holding in the equity share capital of Vitalic Health and 100% direct equity ownership of its subsidiaries including Tresara Health Private Limited, Netmeds Marketplace Limited and Dadha Pharma Distribution Pvt Limited.

According to Fintrackr estimate, Medlife valuation might be discounted by over $140 million in the merger deal. As per its valuation report, the company had a total value of $375 million until January 2020. However, in the merger deal, Medlife appears to have been valued at $235 million — over 37% haircut from Medlife’s eight months old valuation report.

(This is sourced from a RSS syndication feed with a basic editing of IndiaLive)

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