Cipla, a pharmaceutical company, has agreed to pay approximately Rs 26 crore for an additional stake in digital technology firm GoApptiv Private, bringing its ownership to 22.02 percent, the company announced on Monday.
According to Cipla, the investment will be made in equity shares and compulsorily convertible preference shares, and it will probably be finished within 30 days or on any other date that the parties may agree upon. Since investing in GoApptiv in June 2020, Cipla has seen growth and increased channel reach in lower-tier Indian towns.
“This investment will further strengthen our partnership with GoApptiv enabling wider patient reach with affordable and quality drugs and end-to-end brand marketing and channel engagement across tier 2 – 6 towns in India. ‘Caring for Life’ is at the heart of what we do and will guide us towards making such strategic investments to help make a difference in the lives of our patients,” Cipla Limited’s MD and Global CEO, Umang Vohra, said.
GoApptiv is a digital technology company that works with pharmaceutical companies to increase patient reach through digital solutions. For healthcare organisations, it provides end-to-end business solutions, including as distribution, digital solutions, integrated brand sales management, digital marketing, patient assistance, and healthcare data analytics.