Ibnsina Pharma (ISPH) has entered into an agreement with 3elagi (a healthtech aggregator platform) that saw the former acquire a 75% stake.
3elagi is one of Egypt’s rapidly expanding platforms linking pharmacies to patients planning to order medicines and cosmetics online. The company claims to have served over 600,000 users since its inception. Ibnsina Pharma is on a digital transformation drive after launching an online ordering platform last July.
The $1.6 million deal sealed the transfer of a 75% stake giving 3elagi a market valuation at $2.1 million. This deal has a cashout component for the founders and investors with money tied as part of the deal. The capital injection will be channeled into improving the customer base.
3elagi took part in the first batch of local accelerator Falak Startups. Falak was their only investor before this investment. The co-founders as well as Falak now retain 25% ownership. As part of the deal, the founders will remain on the team to expand and strengthen their digital footprint.
In statements shared in a press statement on Magnitt, Haitham Ibrahim the CEO and co-founder of 3elagi described their role as “give patients access to medication from the comfort of their home”, and “create hundreds of jobs in logistics.”
Earlier this year, Ibnsina Pharma invested in its internal digital projects, and is expected to do the same in 2021.