NetMeds, an India-based online pharmacy backed by medicine distributor Daun Penh Cambodia Group and conglomerate Sistema, was acquired by conglomerate Reliance Industries yesterday for Rs 620m ($82.6m).
NetMeds is a group of three subsidiaries – Tresara Health, Netmeds Market Place and Dadha Pharma Distribution – run by parent company InVitalic Health.
Reliance conducted the deal through its Reliance Retail Ventures unit and will own approximately 60% of InVitalic and 100% of the subsidiaries.
Founded in 2015, NetMeds runs an online pharmacy as well as drug distribution, sales and business support services. Reliance expects the addition of NetMeds’ business to bolster its own e-commerce offering.
Pradeep Dadha, founder and chief executive of NetMeds, said: “It is indeed a proud moment for NetMeds to join [the] Reliance family and work together to make quality healthcare affordable and accessible to every Indian.
“With the combined strength of the group’s digital, retail and tech platforms, we will strive to create more value for everyone in the ecosystem, while providing a superior omnichannel experience to consumers.”
NetMeds had secured $35m in a mid-2018 series C round backed by Daun Penh Cambodia Group along with Sistema’s Asia Fund and Tanncam Investment, both of which had participated in its $14m series B round in 2017.
The company had previously received $50m in series A financing from healthcare investment firm OrbiMed, investment bank Mape Advisory and Dadha’s family office two years earlier.
