Cipla Invests Rs 42 Crore in Digital Tech Company GoApptiv Raises Stake to 22.99%
in Digital Tech Company
Drug manufacturer Cipla announced on Friday that it would increase its investment in GoApptiv Pvt Ltd, a digital tech company, by Rs 42 crore. As a result, Cipla stated in a statement, the company’s overall interest in GoApptiv will rise to 22.99 percent on a fully diluted basis.
Cipla is investing in GoApptiv for the third time. This time, they’re using a combination of equity shares and compulsorily convertible preference shares.
In June 2020, Cipla first acquired a 21.85% stake in GoApptiv for INR 9 Cr and after two years it raised the stake to 22.02% for INR 25.90 Cr.
A digital tech company GoApptiv that was founded in 2015 by Rajasekhar Parcha and Sreeram Venkitaraman. Its business is to provide pharmaceutical businesses with digital solutions to increase patient access.
“With this move, we aim to utilise GoApptiv’s technology to strengthen our presence across the healthcare continuum, especially to the underserved population by enabling greater access to lifesaving treatments,” Cipla said in a statement.
Distribution, digital solutions, integrated brand sales management, digital marketing, patient assistance, healthcare data analytics, and channel engagement are among the end-to-end business solutions it provides for healthcare organisations.
“Our long-standing partnership with GoApptiv has helped us increase penetration in underserved rural areas of India and address critical healthcare gaps where pharmaceutical coverage is limited,” said Umang Vohra, managing director and global chief executive officer at Cipla Limited.
In September, Cipla and Skye Air Mobility started delivering Cipla’s Vital Medications to hospitals in Himachal Pradesh via drones. The medications covered respiratory, cardiac, and other vital long-term treatments.
Cipla asserts that it was the first major Indian pharmaceutical company to use drone deliveries to provide stockists in remote areas with an expedited supply. The corporation also wants to reach out to more remote and steep areas of the market, like Uttarakhand and the Northeast.
