Reliance Industries Limited is in talks to acquire a majority stake in Chennai-based online pharmacy startup Netmeds.
Under the deal Reliance may integrate $130-$150 million for the asset through one of its subsidiaries along with a fresh infusion of capital in Netmeds to expand the operations.
The advanced talks between the two had been on before the lockdown.
As a part of its strategy Reliance has been building up it’s online to offline commerce business by acquiring controlling stakes in several business-to-business and consumer-facing Internet companies.
This development comes a few weeks after Facebook-Jio deal, in which Facebook acquired a 9.9% stake of Jio for Rs 43,574 crore, and days after private equity firm Silver Lake acquired a 1.15% stake in their digital arm.
If the deal happens, then Netmeds will become the eighth company that Reliance has acquired since 2017. The acquired companies include Saavn, Embibe, Fynd, Haptik, and NowFloats.
Netmeds, a Five-years old startup, is an online pharmacy that allows users to buy prescription drugs, over the counter (OTC). It has raised around $100 million in its funding till now.
The company also deals with personal care products, medical devices surgical and baby accessories, and groceries.
There are some acquisitions made by Netmeds too, which include JustDoc in 2018, startup Pluss in 2016, and KiViHealth in 2019.