The second acquisition by Reliance Industries Ltd. in the e-pharmacy space via a majority stake in Netmeds for ₹620 crore will complement its digital consultation and diagnostic tests offering, analysts said on Wednesday. Netmeds operates an online pharmacy in India for prescription products, OTC, and health and wellness products. Morgan Stanley said this was the company’s “second acquisition in the e-pharmacy space, an area it has highlighted would be of focus as it builds its digital-plus e-commerce ecosystem.” Over the past three years, RIL has announced $3.1 billion in acquisitions with 13% in retail, 80% in telecom, media and technology, and 6% in energy. Netmeds is present in 670 cities and towns and had about $1 million in revenue in FY18, it said. Its app also offers doctor consultation services. In 2019, RIL acquired C-square, which offers software for pharma distributors and retailers. “Currently RIL offers digital consultation and diagnostic tests on its online app JioHealth Hub and the acquisition of Netmeds completes the offering with medicine delivery as well,” Credit Suisse said.
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