Mukesh Ambani-led Reliance Industries Ltd (RIL) is reportedly on a shopping spree after the recent investments from different companies. The company is planning to buy different businesses to strengthen its position in the online domain and to give a stiff competition to players like Amazon and Flipkart.
As per reports, the company is reportedly looking to acquire or buy stakes in different companies in India. The list includes furniture portal Urban Ladder, lingerie brand, Zivame and online pharma store, Netmeds. The company has confirmed that it has bought a majority of shares in Netmeds for approx. Rs 620 crores. This investment represents about 60% holding in the equity share capital of Vitalic and 100% direct equity ownership of its subsidiaries – Tresara Health Private Limited, Netmeds Market Place Limited and Dadha Pharma Distribution Pvt Limited.
Reliance could pay $160 million to buy or acquire Bangalore-based Zivame company and the Urban Ladder could be pegged at $30 million. The company is also planning to acquire Milkbasket, a milk delivery company, reports The Times of India. The latest move can be understood as the company’s fresh attempt to strengthen its online position and give a stiff competition to the likes of Amazon and Flipkart. By bringing these companies under its umbrella, Reliance is trying to bring a platform that can provide almost everything to the customer ranging from furniture, medicines, and more.
Meanwhile, speaking on the strategic investment in Netmeds, Isha Ambani, Director, RRVL, said, “This investment is aligned with our commitment to provide digital access for everyone in India. The addition of Netmeds enhances Reliance Retail’s ability to provide good quality and affordable health care products and services, and also broadens its digital commerce proposition to include most daily essential needs of consumers. We are impressed by Netmeds’ journey to build a nationwide digital franchise in such a short time and are confident of accelerating it with our investment and partnership.”