Reliance Industries Ltd is all in speed during this COVID period. The company is on the way of huge benefits and is growing rapidly. Just after some days of the launch of an online drug sales service in India by Amazon.com Inc Reliance bought a majority stake in online pharmacy Netmeds for about 6.2 billion rupees i.e. $83.08 million in cash.
On Tuesday the oil-to-telecoms conglomerate said that its investment represents about 60 per cent holding in Vitalic Health Pvt. Ltd. And 100 per cent direct ownership of its subsidiaries. Netmeds is the collective form of Vitalic and its subsidiaries which were incorporated in 2015. For ones who doesn’t know about the company Netmeds, then in simple, it is a licensed e-pharmacy portal that offers you with authenticated prescription and over the counter (OTC) medicine along with other health products in India.
The ongoing corona virus crisis all over the world has led to intense competition between the major companies including Amazon, Walmart-owned Flipkart, Reliance’s upstart online grocery service, JioMart and many different smaller players. All of them want to take away or acquire a major share in the second populous country in the world.
Talking on India’s decision and regulations; then the nation is yet to finalize any rules or regulations for the sale of drugs, or e-pharmacies. But the truth also lies in front that the online drug sellers like Netmeds, Medlife, Temasek-backed PharmEasy and Sequoia Capital-backed 1 mg; has caused a major hindrance and are being an obstacle on the growth of the traditional drug stores.
Reliance Retail Director Isha Ambani has said that “This investment is aligned with our commitment to provide digital access for everyone in India. The addition of Netmeds’ enhances Reliance Retail’s ability to provide good quality and affordable health care products and services; and also broadens its digital commerce proposition to include most daily essentials needs of consumers. We are impressed by Netmeds’ journey to build a nationwide digital franchise in such a short time; and are confident of accelerating it with our investment and partnership.”
The Reliance Industries have shown a jump of 144% since March and that’s huge.