Reliance acquired Netmeds revenue fell 44%; losses grew before acquisition

Netmeds Marketplace, the B2C Ecommerce unit of online pharmacy Netmeds, saw its total income decline by 44% to Rs 7.7Cr in FY20 from Rs 13.93Cr in the fiscal year 2018-19 (FY19). The company had a negative net worth of Rs 14.2Cr as per its latest financial filings and a net profit margin of -2,111%.

Surprisingly Netmeds managed to curb its spending in the year but it did not manage to grow the income substantially. The company’s expenses declined by 9% to Rs 172Cr in FY20 from Rs 188Cr in FY19 resulting in a huge net loss of Rs 164Cr in the fiscal year ended March 31, 2020.

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