Cipla Limited has announced on June 27 that it has agreed to acquire additional stake for Rs. 25.90 crore in digital tech company GoApptiv Private Limited to increase its stake to 22.02 per cent on a fully diluted basis.
The investment will be made in equity shares and Compulsorily Convertible Preference Shares and is likely to be completed within 30 days or such other date mutually agreed between the parties and shall be subject to fulfillment of necessary closing conditions.
The company's earlier investment in GoApptiv in June 2020 has yielded growth and expanded Cipla's channel reach across lower tier towns in India.
Commenting on the development, Umang Vohra, MD and global CEO, Cipla Limited said, "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.
