E-pharmacy Netmeds to be bought by Mukesh Ambani’s Reliance Industries
As per reports of Economic Times, Reliance Industries is planning to acquire majority stake in Chennai-based online pharmacy Netmeds. Reliance might pay $130-150 million for the asset. Reliance would also invest to expand its operations.
“The deal is happening at a slight premium to their last funding round valuation,” said the source.
Netmeds, founded in 2015 by Dadha & Company, sells prescription drugs, medical devices and other personal care products and has raised about $100 million in three rounds of funding. The company is also backed by OrbiMed, MAPE Advisory, Sistema Asia Fund and Daun Penh Cambodia Group.
RIL and Dadha have refused to comment on these speculations. According to ET, reliance spokesperson said that the company evaluates various opportunities. The company will inform exchanges according to Sebi on any developments.
Netmeds and RIL-owned Reliance Retail, recently, tied up to supply essentials like groceries to its customers.
Mukesh Ambani-led Reliance is planning to enter e-commerce space by launching their grocery delivery platform-JioMart. Last month, Facebook announced a $5.7 billion (Rs 43,574 crore) investment to acquire 9.99 percent stake in Jio platforms. Ambani said that this deal would empower JioMart to connect with over 3 crore kirana stores via WhatsApp.