Indian multinational conglomerate company Reliance Industries (RIL) bought a 60 percent stake in Indian online medical store Netmeds. The deal is worth Rs 620 crore.
This development came days after e-commerce giant Amazon.com Inc entered the online drug sales service in India from Bengaluru.
With accruing Netmeds stakes, Reliance Retail Limited entered the vertical e-commerce space. This helps RIL to give a tough competition to Amazon in online drug sales.
Reliance Industries (RIL) issued a statement in this regard in which it said it has bought 60 percent of the stakes in Netmeds and the company enjoys complete ownership of the subsidiaries.
Talking about the Netmeds, the online medical store was founded by Pradeep Dadha that offers services like delivery medicines and providing doctor appointments and diagnostics.