Cipla ups investment in GoApptiv, its third in the digi-tech company

Drugmaker Cipla has agreed to invest Rs 42 crore in digi-tech company GoApptiv Private Limited, in line with its strategy to invest in “channels of the future”, facilitating access to treatment.
Cipla will hold 22.99 per cent in GoApptiv when the transaction is completed. This is the pharma company’s third investment in GoApptiv, which will be made in a combination of equity shares and compulsorily convertible preference shares, Cipla said. Earlier investments were made in 2022 and 2020.
Incorporated in 2013, GoApptiv provides business solutions to healthcare companies, including distribution, and digital solutions, among other things. It clocked a turnover of ₹864.64 crore for the year ended March 31, 2023.
The transaction is expected to be completed within 60 days of the agreement or on a mutually agreed date, Cipla said. “GoApptiv is an associate of the Company, and hence, the said acquisition would fall within the purview of related party transactions,” Cipla said, adding that the acquisition and subscription of shares will be on an “arm’s length” basis. However, it added that none of the promoters or promoter group companies were interested in the entity.
Source: TheHinduBusinessLine