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Amazon looks to invest $100m in India’s largest pharmacy chain, sources say

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Deepti Sri · 9 Dec 2020 · 1 min read

Amazon looks to invest $100m in India’s largest pharmacy chain, sources say

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Amazon is evaluating a potential investment of nearly US$100 million in India’s largest branded pharmacy chain Apollo Pharmacy, Economic Times reported, citing two sources aware of the matter.

The US-based ecommerce giant will gain access to Apollo’s front-end pharmacy business, which has over 3,700 outlets. This comes as Amazon plans to take on Reliance Industries’ Reliance Retail and Tata Group to capture India’s soaring drug market.

The potential investment comes after Reliance Industries bought a majority stake in online pharmacy startup Netmeds for 6,200 million rupees (US$84.3 million) in July.

On the other hand, Tata Group is reportedly in talks to acquire a majority stake in online pharmacy firm 1mg.

Amazon also launched online services for delivering prescription medications in the US amid rising competition against companies such as Walgreens, CVS, and Walmart.

Edited by Collin Furtado and Eileen C. Ang

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