Cipla to further invest Rs26 crore in GoApptive to raise stake to 22%

28 Jun 2022 , 09:19 AM

Cipla Limited has announced on Monday that it has agreed to acquire additional stake for Rs25.90 crore in digital tech company GoApptiv Private Limited (hereinafter referred as “Goapptiv”) and post completion of the deal, Cipla’s total stake in GoApptiv will increase to 22.02% on a fully diluted basis.

As per the filing, 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 tech-company 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.

At around 9:18 AM, Cipla was trading at Rs929.85 per share lower by 0.26% on the BSE.