Swypex, an Egyptian startup, has unveiled its comprehensive financial services platform for businesses after securing a $4 million seed investment round led by the prestigious venture capital fund, Accel.

Co-founded by Ahmad Mokhtar, Tarek Mokhtar, and Sasan Hezarkhani, and licensed by the Central Bank of Egypt, Swypex offers an all-in-one financial management platform. This platform equips businesses with instant access to a financial dashboard, smart corporate cards, and seamless integrations with existing financial systems and accounting software.

Positioning itself as the first of its kind, Swypex aims to eradicate financial inefficiencies and maximize a business’s potential. By consolidating payments, invoice management, and smart corporate cards on a unified platform, Swypex simplifies financial management, enabling businesses to automate workflows and facilitate payments effortlessly.

The platform’s launch is backed by a $4 million seed round, led by global venture capital firm Accel, marking its inaugural fintech investment in the region. The funding round also saw participation from Foundation Ventures, The Raba Partnership, and notable angel investors.

Ahmad Mokhtar, CEO of Swypex, emphasized the company’s mission to provide Egyptian businesses with a competitive edge, enhancing efficiency and fostering growth. He highlighted Swypex’s commitment to streamlining financial operations and enhancing financial health by offering robust corporate cards paired with an all-in-one financial platform.

Richard Kotite, vice president at Accel, underscored the significance of delivering modern fintech products to Egyptian businesses amid the ongoing digitization of the payments space. He commended Swypex for identifying a market gap and developing a comprehensive B2B solution to address key pain points while driving efficiency.

Accel recognizes Swypex’s potential to emerge as a fintech leader in the Middle East, citing the team’s technical expertise and ambition. The partnership between Accel and Swypex signifies a significant leap forward in revolutionizing financial services in the region.

Source: disruptafrica.com

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MUMBAI, India, May 10, 2024 /PRNewswire/ — Piramal Pharma Limited (NSE: PPLPHARMA) (BSE: 543635), a leading global pharmaceuticals company, today announced its standalone and consolidated results for the Fourth Quarter (Q4) and Full Year (FY) ended 31^st March 2024.

Key Highlights for Q4 and FY2024

• Revenue from Operations grew by 18% YoY and 15% YoY in Q4FY24 and FY24 respectively, driven by healthy growth in our CDMO and ICH businesses
• EBITDA grew by 48% YoY and 61% YoY in Q4FY24 and FY24 respectively, primarily driven by revenue growth, operating leverage, cost optimization, and operational excellence initiatives
• Net Profit After Tax (before exceptional Items) more than doubled in Q4FY24 at INR 132 Crores compared to INR 50 Crores in Q4FY23
• Net Debt / EBITDA improved from 5.6x at the start of the financial year to 2.9x at the end of FY24      

Nandini Piramal, Chairperson, Piramal Pharma Limited said, “FY24 has been a strong year for the Company with all round improvement, mainly driven by our CDMO business that delivered a robust 19% YoY revenue growth. We saw significant increase in order inflows, especially for on-patent commercial manufacturing, amidst a difficult biotech funding environment. Contributions from our innovation related work and differentiated offerings also increased in FY24.  Capacity expansion at our Grangemouth facility for Antibody Drug Conjugate segment was commercialized and is seeing good customer interest.

In the Inhalation anesthesia business, we continue to maintain our leading position in Sevoflurane in the US market and are expanding our capacities to tap the growing demand in the ROW markets. Our India Consumer Healthcare business is also continuing to perform well with focus on better EBITDA margin.

During the year, we also showed a significant improvement in our profitability with EBITDA margin of 17% (Vs. 12% in FY23). All our three businesses delivered higher EBITDA margins through operating leverage, cost optimization, and operational excellence initiatives. Our Net Debt / EBITDA ratio also improved significantly, as we ended the financial year below 3x compared to 5.6x at the start of the year.”     

Q4 and FY2024 Earnings Conference Call

Piramal Pharma Limited will be hosting a conference call for investors / analysts on 13^th May 2024 from 9:30 AM to 10:15 AM (IST) to discuss its Q4 and FY2024 Results.

The dial-in details for the call are as under:

About Piramal Pharma Ltd:

Piramal Pharma Limited (PPL, NSE: PPLPHARMA I BSE: 543635), offers a portfolio of differentiated products and services through its 17 global development and manufacturing facilities and a global distribution network in over 100 countries. PPL includes Piramal Pharma Solutions (PPS), an integrated contract development and manufacturing organization; Piramal Critical Care (PCC), a complex hospital generics business; and the India Consumer Healthcare business, selling over-the-counter products. In addition, one of PPL’s associate companies, AbbVie Therapeutics India Private Limited (formerly Allergan India Pvt Ltd), a joint venture between Allergan (now part of AbbVie) and PPL, has emerged as one of the market leaders in the ophthalmology therapy area. Further, PPL has a minority investment in Yapan Bio Private Limited. In October 2020, PPL received a 20% strategic growth investment from the Carlyle Group.

For more information, visit:  https://www.piramalpharma.com/, Facebook, Twitter, LinkedIn

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MUMBAI, India, May 10, 2024 /PRNewswire/ — India has remained a steady ship in choppy waters says DSP Asset Managers in the May 2024 edition of its report #DSP7Sees which highlights compelling historical and contemporary facts shaping the Indian market. The report mentions that while most global economies have seen a slowdown in their manufacturing sector or services, or both over the past 12 months, India has seen a consistent growth in economic output and business sentiment. This consistency is probably the first evidence suggesting that India’s economic and businesses cycle can withstand global turbulence of manageable magnitude.

The report highlights the sharp contrast between how India and China have performed for investors. Since 2007, China delivered the fastest pace of GDP and per capita income growth that the world has ever seen. However, it has delivered little for investors. Meanwhile, India has been one of the best performing markets globally, across periods thanks to Indian corporations delivering earnings growth. The report highlights that investors have perhaps erred by putting copious amount of funds in other countries while largely ignoring India’s profitable corporate dynamics.

Over the past 30 years, China, with a CAGR of 14%, stands as the sole nation to have surpassed India’s 8% Gross Fixed Capital Formation growth. Fueled by cheap domestic credit, Chinese growth contrasts with India in one aspect: Indian growth has come with higher return on equity. India has come out of an investment winter. The investment to GDP ratio (measured as gross fixed capital formation to GDP) peaked in 2011 and remained low until the COVID-led disruption upended the supply chains. Post COVID recovery and a large push through government expenditure, investments are making a comeback. Over the last seven and a half decades, $14trn has been spent on investments since independence. India has spent $8trn on new investments over the last 10 years.

The steady pace of earnings growth and a favorable businesses cycle has ensured that Indian stocks are well bid and are relative outperformers. This also means that Indian stocks aren’t the cheapest. Among large emerging and frontier markets, Indian equites are among the pricier regions. DSP says that it’s difficult to say if India will continue its performance, thus commanding such high multiples.

DSP feels that Indian lenders, both banking and non-banking financial companies can deliver a better investment experience. The all-time low NNPA ratio for Banks is a source of comfort. The high Provision Coverage Ratio suggests a better ability to absorb potential losses. Other factors include continuation in asset quality & relatively higher increase in credit as compared to deposit, translating into a higher Credit-Deposit Ratio.

“Valuations respecting investors need to dial down their return expectations. Lower entry valuations are the best defense for investors seeking to invest in India for the long haul,” said Sahil Kapoor, Market Strategist & Head of products, DSP Asset Managers.

Link to #DSP7Sees report: https://www.dspim.com/documents/dsp-7sees-seven-charts-we-want-you-to-see.pdf

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