Interview with Mohammed Batterjee, Co-Founder & Managing Director of Aumet

Aumet's Mohammed Batterjee is an interesting guy with big plans. He's been part of its family business for over 15 years until a new business opportunity appeared. And it's a massive opportunity, as you're about to learn.

We've asked Mohammed a few questions and here's what he had to say:

Can you tell us a bit more about yourself? What is your background?

I have been part of our family business for over 15 years, leading pharmaceutical manufacturing and marketing part of the business, working on continuing the legacy of over 100 years of the business through emphasis on transgenerational entrepreneurship and innovation. Additionally, I have been active in angel investing in tech companies in different parts of the world.

I am also a strong believer in the importance of continuous learning and sharing of knowledge. Accordingly, I have received a doctorate in Business Administration from the University of IE, focusing on entrepreneurship in family businesses.

This combination made me interested and looking forward to how entrepreneurship, technology, and innovation can improve the pharmaceutical industry.

Let's talk about your company. What is the market problem you want to solve and where do you see the opportunity?

There is a global problem with pharmacies losing around 20% due to inaccurate stock forecasting and weak business operations management. Additionally, pharmacies lose 15% due to limited access to different suppliers, hence missing out on the most suitable offering for them.

This happens because of outdated forecasting, manual inventory tracking, and limited access to real-time data.

We (Aumet) address that by providing an (1) AI-powered ERP which manages all the pharmacies operations and integrates with (2) a marketplace that provides access to multiple suppliers.

These two-in-one solution addresses two types of markets, the digital health solutions market which globally is valued at $262.6 billion, $12B in the MENA region alone. Additionally, the marketplace market size which globally is over $1.5 trillion and with MENA market size exceeding $50 billion.

What are the features differentiating your offering from competitors?

We have succeed in continually growing in three different markets that we are active at (Saudi, Jordan, and Egypt), despite the different dynamics of these markets. This was done through building a product market fit that can grow globally.

Can you share some numbers and achievements of the business?

The business have grown 3 folds in a single year, and it continues to grow. Additionally, our unit economics are positive and we profit from all new additional businesses, expecting to reach profitability in the 3rd quarter of 2024 while maintaining the same level of growth.

What are your medium-term plans?

We are currently discussing with a number of top VCs in the region and internationally, to lead our series A round. We have been eager to work with a leading VC who would join our journey in becoming a unicorn, and becoming the regions' first health-tech company to grow globally.

This round would enable us to dominate the rest of the GCC countries, and start two pilot projects to grow in Europe, namely France and the UK.

Do you have some advice for other entrepreneurs in the digital health space in MENA?

I don't think I am in the position to give advice, but rather I am in a big need to learn from others. However, if there is an important lesson I have learned, it is to think from the beginning of how this business will create revenue and reach profitability, rather than just thinking of growth at all costs.

Anything to add for the end?

We have been privileged to receive the trust of some public organizations to provide them with our solution. We believe this shows the strength of our solution. Moreover, one of the great points that we have been able to improve is to reduce waste in medications, and increase the accuracy of forecasting, and this have improved the availability of medications, and reduce issues related to shortages.