An Egypt pharmaceutical distributor acquires 75% stake in local online pharmacy marketplace 3elagi
The new partnership will promote the growth of 3elagi Tech, accelerate the startup’s digital transformation, and strengthen its digital footprint while providing people access to medication without having to leave their households.
The majority of the capital includes Egyptian Pound 25-million ($1.6-million) which will contribute to financing future expansions.
The 25% stake that remains will continue to be managed by the founders.
Ibnsina Pharma was established in 2001 by Omar Abdel Gawad and Mahmoud Abdel Gawad. Ibnsina Pharma is an Eygpt pharmaceutical distribution company that issues a portfolio of pharmaceutical products from more than 350 Egyptian and multinational companies.
Products and services are provided to over 42 000 customers that include hospitals, wholesalers, pharmacies, and retail outlets. The company has roughly 680 vehicles that transport high-quality pharmaceutical goods and services to customers across 62 nationwide sites.
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Source:: Venture Burn