Egyptian Ibnsina Pharma has acquired a majority stake (75%) in the digital pharmacy platform and app 3elagi. This partial acquisition comes as a strategic move for the founders to merge forces with Pharmaceutical leading distributors in an incredibly competitive market.
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3elagi has recorded excellent performance amidst the start of the global pandemic, acquiring substantial market share and partnering up with international names such as Roche. The startup is a portfolio company and graduate of Falak Startups, an Egypt-based tech accelerator focused on early-stage startups
The remaining 25% equity of the business will continue to be held by the founders and a small minority will be held by Falak Startups, who will remain onboard stressing their continuous commitment.
The acquisition is the first partial exit for Falak Startups. Their Managing Director, Yousef Elsammaa commented on the occasion, “We’re happy to have been part of 3elagi’s mission from ideation to growth. Falak’s mission is to empower the youth and tech scene in Egypt and act as a catalyst for the rapid growth of these startups to attract the private sector to invest in these companies and take them either further. We believe this’s just the start of many more partnerships and future acquisitions”
3elagi Co-Founder and CCO, Haitham Ibrahim added, “3elagi has been striving to give patients access to medication from the comfort of their home, we also helped create hundreds of jobs in logistics and create loyalty for the average neighborhood pharmacies across governorates."
3elagi currently has 600k users, and plans to use the capital increase to expand its user base, as well as the number of registered pharmacies in its network.
Ibnsina Pharma invested EGP 22M in 2020 in internal digital projects and it plans to invest EGP 16M in 2021.
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