Egyptian startup, Grinta, has announced the acquisition of Auto Cure for an undisclosed amount. The acquisition will help Grinta expand its footprints across Egypt, and is its third since it was founded in 2021. Previously, the startup had acquired PH Store, a B2B marketplace for pharmaceutical products, and EME, a software development company.
Following the acquisition of Auto Cure, Mohamed Rezk, the startup’s co-founder and CEO, will join Grinta as a partner, leading its commercial team. However, it’s not yet clear what role, if any, Amr Kamel the other co-founder, will play.
“Joining hands with Grinta is incredibly exciting for us; our commitment to digitizing the market and delivering customer satisfaction has led us to joining Grinta’s brilliant team. We have unlocked a world of possibilities, and together we will be extending our reach not only in Alexandria but throughout the Middle East and Africa,” Rezk said.
In 2022, Grinta raised $8 million in seed funding, which it said would aid in developing its tech stack and accelerating expansion across Egypt. The startup, which works with more than 7,000 vendors, has delivered over 200,000 orders since 2021. Auto Cure, on the other hand, has worked with more than 450 pharmacies to deliver 5,000 orders since its inception.
By joining forces, both companies can grab a larger share of Egypt’s healthtech market. In 2022, startups in the country’s healthcare sector raised $50.5 million, 6.2% of the total funding raised.
