EGYPT —Acasia Ventures has recently injected a six-figure investment into Cairo-based digital marketplace Pharmacy Marts, marking a significant milestone for the burgeoning startup, according to a local daily, Zawya.
Pharmacy Marts operates as a business-to-business (B2B) digital marketplace, revolutionizing the pharmaceutical sector’s supply chain dynamics in Egypt.
The platform serves as a vital conduit between pharmacies and medical suppliers, offering seamless access to a wide array of medicines, medical supplies, and cosmetics.
With a total investment of US$2 million to date, Pharmacy Marts aims to revolutionize the pharmaceutical landscape by digitizing supply chain processes, ultimately enhancing patient access to essential medications.
One of Pharmacy Mart’s standout features is its user-friendly interface, which empowers pharmacists to efficiently manage their inventory needs.
Pharmacists can effortlessly search for missing products, identify suitable suppliers, assess financial and time-specific considerations, place orders, select preferred payment methods, and receive deliveries within a swift 24-hour timeframe.
Moreover, the platform addresses a critical pain point for pharmacists by providing access to working capital and long-term financing options, including the innovative buy now, pay later (BNPL) model.
This strategic move aims to alleviate challenges associated with securing favorable financing terms from wholesalers, ensuring smoother operations for pharmacies.
Founded in 2021 by visionary entrepreneurs Ahmed Kadous, Ahmed Mazhar, Haitham El Ghotni, and Mahmoud Shousha, Pharmacy Marts has rapidly gained traction, serving approximately 12,000 pharmacies across Egypt.
This accounts for an impressive 20% of the nation’s total market share, with over 200 suppliers actively engaged on the platform.
Commenting on the invesrtment, Ahmed Kadous, CEO and Co-Founder of Pharmacy Marts, emphasized the critical need for reliable medication distribution in Egypt, underscoring the platform’s mission to address supply chain inconsistencies that often result in medication shortages.
Kadous expressed excitement about the partnership with Acasia Ventures, citing their strong presence in African markets and invaluable expertise in the pharmaceutical industry.
Mahmoud Shousha, Cofounder and Head of Sales at Pharmacy Marts, commended the startup’s dedicated team for delivering a transformative digital solution that eases operational burdens for pharmacies while indirectly benefiting millions of patients.
Aly El Shalakany, Managing Partner at Acasia Ventures, lauded Pharmacy Marts’ rapid ascent as a category leader, expressing confidence in its continued growth trajectory.
Currently, pharmacists in Egypt spend an average of 30% of their time manually monitoring stocks and verifying product availability and prices.
This inefficiency, coupled with the sector’s fragmentation, comprising 60,000 pharmacies, over 7,000 products, and 3,000 suppliers, underscores the urgent need for digital transformation.
Pharmacy Marts fills this gap by offering a sophisticated digital platform that streamlines processes and enhances connectivity among stakeholders.
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