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Amazon Looks To Invest $100 Million And Acquire Stake In India's Largest Pharmacy Chain, Apollo Pharmacy
Amazon CEO Jeff Bezos (David McNew/Getty Images)
With Mukesh Ambani led Reliance Retail having already marked its entry into the e-pharmacy business by acquiring a majority stake in online medicine seller Netmeds for Rs 620 crore, Jeff Bezos backed Amazon is also looking to enter the hotly contested and fast-growing space, reports Economic Times.
Amazon is said to be in talks with India's largest branded pharmacy store chain Apollo Pharmacy for a potential investment of nearly $100 million. The development comes at a time when Tata Group is also said to be looking to make inroads into the sector by acquiring a majority stake in another e-pharmacy 1mg.
While accounting major PwC is said to have already completed the due diligence for the deal, it should be noted that the deal could include some riders by Amazon which would bar Apollo Pharmacy to raise capital from any of Amazon's competitors.
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