Egypt-based pharmaceutical firm Ibnsina Pharma has acquired a 75 per cent stake in its compatriot digital pharmacy marketplace 3elagi Tech.
As per the acquisition deal, as much as EGP 25 million ($1.6 million) will be directed towards increasing 3elagi tech’s capital to finance its future expansion, according to the company’s EGX disclosure.
Founded in 2017, 3elagi connects consumers with pharmacies, labs and healthcare providers in their immediate vicinity. It also allows them to order medicine online and then delivers it directly to their doorstep. The platform has so far serviced 600,000 users and works with 40,000 pharmacies from all over Egypt.
“This acquisition came in line with the growing importance of the e-commerce during the Covid-19 pandemic and the social distancing measures. The lockdown that was implemented in most of the world, highlighted the need to give patients access to have their medications without having to leave their homes,” said Mohsen Mahgoub, Ibnsina Pharma’s Chairman.
The company plans to use the proceeds to expand its customer base and its network of registered pharmacies.
“We are excited to partner with Ibnsina pharma, the fastest growing pharma distributor in Egypt with its high efficiency and strong distribution capabilities. We are confident that choosing the right partner whose values and strategic vision are aligned with our own will transform the application into a full-fledged-healthcare platform.“ said Mostafa Hamouda, managing director at 3elagi Tech.