Reliance Retail Ventures, a subsidiary of Reliance Industries has acquired equity shares of Vitalic Health and its subsidiaries for a cash consideration of Rs 620 crore. The said investment represents ~60% holding in the equity share capital of Vitalic and direct 100% equity ownership of its subsidiaries, viz: Tresara Health, Netmeds Marketplace and Dadha Pharma Distribution.
RRVL will further acquire equity stake in Vitalic, through a mix of secondary purchase and primary investment, for at least 80% stake by April 2024, with an option to increase to 100% ownership.
Vitalic was incorporated in India on September 7, 2015. Vitalic and its subsidiaries are in the business of pharma distribution and sales, and business support services. Its subsidiary also runs an online pharmacy platform – Netmeds – to connect customers to pharmacists and enable doorstep delivery of medicines, nutritional health and wellness products.
The aforesaid investment will further enhance affordable availability of essential quality health care products & services by the group, while furthering group's digital commerce initiatives, with user access across all daily essential needs.