Cipla has agreed to pick a stake in GoApptiv. Cipla has said in a stock-exchange filing it will acquire a 21.85% stake in GoApptiv for a cash consideration of Rs 9 crore ($1.19 million).
The deal is to be completed in two stages. In the first stage, Cipla will subscribe to 15,392 compulsorily convertible preference shares (CCPS) and 6,927 equity shares. This will get closed within 30 days. In the second stage, Cipla will subscribe to 12,314 CCPS by the end of October this year.
GoApptiv helps pharmaceutical companies to engage with channel partners and improve the reach of brands to smaller towns. Along with this it also offers digital platforms for business tracking, customer relationship management, data integration, artificial intelligence/machine learning-based data analytics, patient support and assistance in India.
GoApptiv clocked revenues of Rs 19.03 crore in the fiscal ended 30 March 2020 as compared with Rs 2.48 crore in 2018-19 and Rs 1.23 crore in 2017-18.
The investments by Cipla are rare as traditional healthcare firms have mostly stayed away from striking strategic bets in health tech startups in the country even as healthcare professionals are said to be making investments in their capacity.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.
