New Delhi: Walmart-backed e-commerce giant Flipkart has said it will acquire majority stake in Kolkata-based online pharmacy and digital healthcare platform, SastaSundar Marketplace Limited.
Flipkart Group, which has forayed into the healthcare sector through the launch of Flipkart Health+, did not reveal the value of the transaction.
According to a PTI report, Flipkart in a statement on Friday said, “As part of this development, the group has signed definitive agreements to acquire a majority share in Sastasundar Marketplace which owns and operates SastaSundar.com, an online pharmacy and digital healthcare platform, as it focuses on providing consumers access to affordable and convenient healthcare.”
SastaSundar.com offers a digital healthcare and pharmacy platform supported by a network of more than 490 pharmacies. The online pharma firm is backed by Japanese investors like Mitsubishi Corporation and Rohto Pharmaceuticals.
According to a stock market notification by SastaSundar Ventures, the parent company, its subsidiary, Sastasundar Healthbuddy Limited (SHBL), has entered “into a share subscription and purchase agreement” with Flipkart Health, under SHBL’s divestment of its equity holdings in Sastasundar Marketplace Limited.
In a press release Flipkart said its healthcare vertical, Flipkart Health+, will have new healthcare services such as e-diagnostics and e-consultation over time. Flipkart Health+ will report to Ajay Veer Yadav, senior vice-president and Flipkart veteran.
B L Mittal, founder and chairman of Sastasundar Healthbuddy, said, “At SastaSundar.com, we are focused on developing innovative ways to provide access to affordable healthcare easily and conveniently, building a trusted network for authentic medicines, diagnostics and wellness.”
The collaboration with Flipkart will enhance the online healthcare platform to expand further and reach a larger consumer base, using complementary technologies and logistics infrastructure, Mittal added.
Last year, Flipkart’s prime rival Amazon India began selling medicines on its marketplace. Reliance Retail also acquired the parent company of online pharmacy Netmeds last year, while Tata Digital acquired online pharmacy 1 mg in June.