Egypt’s Ibnsina Pharma acquires local online pharmacy marketplace 3elagi

  • Date: 10-Nov-2020
  • Source: MENAbytes
  • Sector:Technology
  • Country:Egypt
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Egypt’s Ibnsina Pharma acquires local online pharmacy marketplace 3elagi

Ibnsina Pharma, the second-largest pharmaceutical distributor of Egypt is acquiring a 75 percent stake in local online pharmacy marketplace 3elagi, it announced in a statement today.

3elagi enables customers to search, compare, and order medicines and beauty products from nearby pharmacies. It claims to have served over 600,000 users since its launch in 2018.

The exact terms of the deal were not disclosed but the company said that the deal involves EGP 25 million (USD 1.6 million) – the majority of which will be used for the expansion of 3elagi. It also includes a cashout component for founders and investors (the money that they will receive as part of the deal). A 75 percent stake for $1.6 million gives 3elagi a valuation of $2.1 million, which could be termed as a quick