Cipla said it has agreed to further invest Rs. 42 crore in digital tech company GoApptiv.
With the completion of this deal, Cipla’s total stake in GoApptiv will increase to 22.99% on a fully diluted basis. This is Cipla’s third investment in GoApptiv, which will be made in a combination of equity shares and compulsorily convertible preference shares.
The company said the investment is in line with Cipla’s ambition to strengthen investments in channels of the future, this development will further expand Cipla’s presence across the healthcare continuum, especially to the underserved population by enabling greater access to lifesaving treatments.
GoApptiv has experienced significant expansion in underpenetrated areas and product lines following prior investments by Cipla in 2022 and 2020.
The Mumbai-based GoApptiv was founded by two former pharma sales executives – Rajasekhar Parcha and Sreeram Venkitaraman, the company has developed a digital platform to help pharma companies to provide access to quality medicines directly to people in underserved areas.
“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, MD and Global CEO of Cipla.
“In this era of technology-driven healthcare, this expanded investment will help us deliver patient-centric solutions and further strengthen our digitisation agenda to drive Cipla’s next phase of growth,” Vohra added.