Cairo-based digital pharma Grinta raises $8 million in seed round
The raised capital will be invested to scale Grinta's full-stack tech platform, further its team and facilitate its growth across the Egyptian market.
Cairo-based digital pharma platform, has raised $8 million in a seed funding led by and . and , also participated in this round, bringing Grimta's total funding to $9.5 milllion till date.
Funds raised from this round will be used to scale Grinta's full-stack tech program, expand the team and accelerate growth in the Egyptian market, a report by wamda said.
What does Grimta do?
It is an end-to-end market place that digitises the pharmaceutrical supply chain by empowering independent pharmacies. It has a smooth user experience, giving access to a wide range of traceable phamaceutical and medical products from multiple vendors. Grimta also manages fulfillment of orders, demand planning and inventory financing.
It was founded by Mohamed Azab, Yosra Badr, Ali Youssef and Hamza Mohamed. “Since inception in 2021, Grinta has acquired two companies, PH Store, a similar digital platform in northern Egypt, and EME, a software development company with a solid tech team," said Mohamed Azab, Co-founder and Chief Executive Officer (CEO) of Grimta, adding that it in last year alone, it registered over 14,000 pharmacies on its platform across seven governorates in Egypt and delivered more than 100,000 orders.
The Egyptian Pharma market
Egypt comprises has efficient local manufacturers, three large distributors and over 3,000 wholesalers all focusing on 60,000 fragmented retail pharmacies. These are yet to be digitised, making it the largest Pharmaceuticals market in Africa, notably, with a size surpassing $6 billion, as per wamda's report.
“By empowering pharmacies to be more efficient at running their business, fixing a broken supply chain end-to-end, and partnering with all stakeholders in the value chain they [Grinta] will realise this vision,” said Wael Nafee, Partner at Raed Ventures.
Edited by Akanksha Sarma