TechInAfrica – Ibnsina has acquired a 75% stake in the growing beauty products and health platform 3elagi Tech, an Egyptian startup that bridged the transaction of pharmacies and patients.
The EGP 25m investment will focus on future expansions, with the remaining 25% stake kept within founders to manage the digital expansion.
“This acquisition came in line with the growing importance of e-commerce during the COVID-19 pandemic and the social distancing measures,” Chairman of Ibnshina Pharma Mohsen Mahgoub said.
“The lockdown that was implemented in most of the world, highlighted the need to give patients access to have their medications without having to leave their homes. This strategic move supports the state’s efforts to apply the Track & Trace system to prevents counterfeit and illegal drugs from getting into the system by following the drugs at every step of the supply chain. Also, it supports the national agenda Egypt Vision 2030 which reflects the state’s long-term strategic plan to achieve sustainable development through knowledge-based economic growth and digital transformation.“
According to Co-CEO Omar Abdel Gawad, the acquisition is their first in the digital healthcare field.
“We will continue searching for similar opportunities that will help us to enhance our offerings and add more efficiencies to operations for the benefit of our stakeholders.“