Cipla to purchase additional stake in GoApptiv for Rs 26 crore
The company's earlier investment in GoApptiv in June 2020 has yielded growth and expanded Cipla's channel reach across lower tier towns in India.
Mumbai: Drugmaker, Cipla Limited, has recently announced that the company has agreed to acquire additional stake for Rs 25.90 crore in digital tech company GoApptiv Private Limited and post completion of the deal, Cipla's total stake in GoApptiv will increase to 22.02% on a fully diluted basis.
The investment will be made in equity shares and Compulsorily Convertible Preference Shares and is likely to be completed within 30 days or such other date mutually agreed between the parties and shall be subject to fulfillment of necessary closing conditions.
The company's earlier investment in GoApptiv in June 2020 has yielded growth and expanded Cipla's channel reach across lower tier towns in India.
Commenting on the development, Umang Vohra (MD and Global CEO, Cipla Limited) said, "This investment will further strengthen our partnership with GoApptiv enabling wider patient reach with affordable and quality drugs and end-to-end brand marketing and channel engagement across tier 2-6 towns in India. 'Caring for Life' is at the heart of what we do and will guide us towards making such strategic investments to help make a difference in the lives of our patients."
GoApptiv incorporated under the provisions of Companies Act, 2013, is a digital techcompany engaged in the business of offering digital solutions to pharmaceutical companies for increasing patient reach. It offers end to end business solutions including distribution, digital solutions, integrated brand sales management, digital marketing, patient support and healthcare data analytics, channel engagement etc., for healthcare companies.
