The consumer traffic on Netmeds rose 48% in the July-September quarter and the company doubled its store footprint
In August last year, Reliance Retail acquired a 60% equity stake in epharmacy startup Netmeds for INR 620 Cr ($83 Mn)
RIL has 100% equity ownership of Netmeds subsidiaries — Tresara Health Pvt Ltd, Netmeds Marketplace Ltd and Dadha Pharma Distribution Private Limited
Reliance-owned epharmarcy platform Netmeds has launched subscription and wholesale services.
In its regulatory filing announcing the financial results for the second quarter of FY22, Reliance Industries said that the online pharma platform also launched ‘Netmeds Wholesale’ in the quarter ended September.
The Netmeds website showed that a customer can now subscribe and schedule subsequent deliveries.
The consumer traffic on Netmeds rose 48% in the July-September quarter and the company doubled its store footprint with 423 new stores, it said.
“Pharma business continues to grow strength to strength and commissioned 423 new stores during the quarter and expanded product portfolio with an addition of 15,000 SKUs across 450+ brands,” Reliance said.
The online pharma arm of RIL also strengthened its product portfolio and operationalised 20 new fulfilment centres.
It also said that Netmeds has scaled up its hyperlocal deliveries.
During its Q4 FY21 earnings call, the oil-to-telecom giant had said that hyperlocal delivery in pharma is a major focus for the company
In August last year, Reliance Retail entered the online medicine delivery space by acquiring a 60% equity stake in epharmacy startup Netmeds, formally known as Vitalic Health Private Limited, for INR 620 Cr ($83 Mn).
RIL has 100% equity ownership of Netmeds subsidiaries — Tresara Health Pvt Ltd, Netmeds Marketplace Ltd and Dadha Pharma Distribution Private Limited. All these subsidiaries are collectively known as Netmeds, and are in the business of pharma distribution and sales, and business support services.
Netmeds was founded in 2010 by Pradeep Dadha. The startup is a licensed pharmacy marketplace that offers authenticated prescription and over-the-counter (OTC) medicine digitally along with other health products. The company had acquired two healthtech startups KiViHealth and telemedicine startup JustDoc before getting acquired by Reliance.
The epharma segment in India has witnessed a massive consumer demand amid the pandemic and has attracted interest from investors and large corporates, including RIL and Tata Sons.
In June this year, Tata Digital, the digital services subsidiary of Tata Sons, announced a majority stake acquisition in Delhi NCR-based epharmacy and telemedicine startup 1MG.