Aversi

What Aversi does

Aversi is the largest pharmaceutical retail and healthcare conglomerate in Georgia, founded on 14 November 1994 by Paata Kurtanidze in Tbilisi. The company operates 379 retail pharmacies nationwide — including 24-hour locations in major cities and regional towns — and runs an online pharmacy at shop.aversi.ge, serving essentially the entire Georgian population with prescription and over-the-counter medicines, personal care products, baby care items, cosmetics and medical devices. A loyalty programme called the Mtredi card holds 2,593,789 members, providing discounts and the core consumer data asset of the group.

Aversi is vertically integrated across the pharmaceutical value chain. Aversi-Racional (also rendered Aversi-Rational) is a GMP EU- and ISO 9001-certified manufacturing subsidiary producing approximately 145 drug formulations across 215 product positions, exporting to CIS and Middle Eastern countries and having obtained the first national GMP certificate in Georgia (2021) plus GMP EAEU (2020). Healthcare services are delivered through Aversi Clinic (16 branches and 30 laboratory branches) and the Medalpha hospital network (4 multi-profile clinics), including advanced capabilities such as a Gamma Knife radiosurgery unit acquired in 2024. Insurance products are sold through Alpha Insurance (founded 2009), and a charitable foundation supports vulnerable populations. Key supplier partnerships span Alcon (Switzerland), Recordati (Ireland), Servier (France), Novo Nordisk (Denmark), AstraZeneca (UK), Abbott (USA), Eurodrug Laboratory (Hong Kong), Swiss Pharma Group AG and Alpen Pharma (Switzerland); TÜV SÜD (Germany) supports quality certification.

The business model combines direct-to-consumer retail pharmacy sales (the dominant revenue stream) with B2B wholesale distribution, in-house pharmaceutical manufacturing (license/transaction revenue from branded generics), clinical and diagnostic service fees, and recurring insurance premiums. GTM is dual-track: a high-frequency consumer motion via 379 physical pharmacies, an online storefront and a 2.6M-member loyalty programme, complemented by an enterprise/institutional motion through healthcare-provider partnerships and government and EBRD-backed logistics modernization (€10M green loan, June 2026). Pricing is not publicly disclosed; the assortment emphasises affordability and generic alternatives for low- and middle-income Georgian consumers. The company employs 12,100 people and is privately held by founder Paata Kurtanidze (General Director), with Aleko Chikovani as Chief Financial Officer.

Name

Aversi

Legal name

შპს ავერსი-ფარმა (LLC Aversi-Pharma)

Website

https://aversi.ge

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Aversi is Georgia's largest pharmaceutical and healthcare conglomerate, operating 379 retail pharmacies, GMP-certified manufacturing (Aversi-Racional), a 16-branch clinic network, a hospital group and Alpha Insurance, serving the general Georgian population with medicines, diagnostics and integrated health services.

Ownership category

akta.pro rank

Product category

Retail Pharmacy

NAICS

Pharmacies and Drug Retailers (45611), Pharmaceutical Preparation Manufacturing (325412), Offices of Physicians (except Mental Health Specialists) (621111)

SIC

Retail-Drug Stores And Proprietary Stores (5912), Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122), Pharmaceutical Preparations (2834), Services-Offices & Clinics Of Doctors Of Medicine (8011)

akta.pro primary industry

Discount Drugstores (Value-Focused Chain Pharmacies) (CRAEAHAA)

akta.pro secondary industries

Health & Pharmacy Omnichannel (CRAFAEAK), Generic Hospital & Institutional Products (HLAIABAL), Pharmacy & Health Essentials Delivery (CRAFAFAI)

Keywords

• Retail pharmacy
• Pharmaceutical manufacturing
• Pharmaceutical wholesale
• Healthcare clinic services
• Generic drug production

Headquarters

HQ city

Tbilisi

HQ country

Georgia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Retail pharmacy sales: Sale of pharmaceutical products (prescription and OTC medicines), cosmetics, personal care, baby care products, and medical devices through 379 pharmacies across Georgia and online via shop.aversi.ge.
2. Pharmaceutical manufacturing (Aversi-Racional): Own manufacturing of approximately 145 generic drug formulations (215 product positions) under GMP EU and ISO 9001 standards, for domestic sale and export to post-Soviet and Middle East countries.
3. Healthcare services (Aversi Clinic network): Multi-profile outpatient and inpatient medical services through 16 clinic branches and 30 laboratory branches, including diagnostics, radiology, and specialist consultations.
4. Insurance and financial services (Alfa Insurance, Medalpha hospital network): Health, auto, travel, property and casualty insurance products; hospital network management fees.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Aversi operates Georgia's largest pharmacy retail network of 379 stores, distributing prescription and OTC medicines, personal care, baby care, cosmetics, and medical devices to consumers, alongside an online pharmacy (shop.aversi.ge). Through its GMP EU–certified subsidiary Aversi-Rational the group manufactures ~145 generic drug formulations (215 product positions) for the Georgian market and export to CIS and Middle Eastern countries. Integrated healthcare services include the Aversi Clinic network (16 branches, 30 laboratories), Medalpha hospital network, Gamma Knife radiosurgery (first in the Caucasus), and Alpha Insurance products.

Product overview

Aversi operates as Georgia's largest pharmaceutical and healthcare company with a diversified business portfolio centered on its 379-pharmacy retail network. The core offering includes medications across all pharmacological categories and personal care products distributed through physical and online pharmacies. The group encompasses pharmaceutical manufacturing (Aversi-Rational), healthcare services (Aversi Clinic, MedAlpha hospital network), insurance (Alpha Insurance), and charitable activities. The Pigeon loyalty program serves over 2.5 million customers, linking the group's various healthcare and retail touchpoints.

Differentiator

Problem solved

Functional benefit

Brands

• ავერსის ონლაინ აფთიაქი (Aversi Online Pharmacy): Online pharmacy platform operated by Aversi, offering medicines and health products for home delivery in Georgia.
• ავერსი-რაციონალი (Aversi-Rational)
• ავერსის კლინიკა (Aversi Clinic)
• საქველმოქმედო ფონდი ავერსი (Aversi Charitable Foundation)
• ალფა დაზღვევა (Alpha Insurance)
• მედალფა (Medalpha)

Products and services

• Pharmacy Retail Network (379 stores) Network of 379 retail pharmacies across Georgia, including 24-hour locations in major cities, distributing prescription and OTC medicines, personal care products, cosmetics, baby care items, and medical devices directly to consumers.
• Medications (Retail Pharmaceutical Products) Pharmaceutical products including antibiotics, anti-inflammatory drugs, neurological, hormonal, cardiovascular, and metabolic medications distributed through Aversi's pharmacy network and online shop.
• Personal Care Products Personal care, baby care, cosmetics, hair care, oral care and hygiene products sold through Aversi's pharmacy network and online shop.
• Aversi-Rational Pharmaceutical Manufacturing Pharmaceutical manufacturing subsidiary producing approximately 145 drug formulations with 215+ product positions under GMP EU and ISO 9001 certification, supplying the Georgian market and exporting to CIS and Middle Eastern countries.
• Aversi Clinic Network Multi-profile clinic network of 16 branches and 30 laboratory branches across Georgia offering diagnostics, radiology, specialist consultations, advanced imaging, and specialised treatments including Gamma Knife radiosurgery.
• Mtredi Loyalty Programme Customer loyalty programme with over 2.59 million cardholders offering discounts, seasonal promotions, and rewards at Aversi pharmacies.
• Aversi Online Pharmacy E-commerce platform (shop.aversi.ge) allowing Georgian consumers to order medications and health products online for home delivery, with AI-mode product search.
• Alpha Insurance Insurance company offering health, auto, travel, property, liability, cargo, and accident insurance products to retail and corporate customers.
• Medalpha Hospital Network Multi-profile hospital network of four clinics in Kaspi, Ozurgeti, Chokhataturi, and Lanchkhuti offering emergency medicine, surgery, gynaecology, and other specialist medical services.

Quantifiable outcome

• 40% energy efficiency improvement expected from new Tbilisi central warehouse (EBRD green project)
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered minor and core.

• Alcon (Switzerland)minorOthersPharmaceutical partner supplying ophthalmology products.
• Recordati (Ireland)minorOthersPharmaceutical partner supplying urology and other specialty medicines.
• Eurodrug Laboratory (Hong Kong)minorOthersPharmaceutical supplier of generic and branded medicines.
• Servier (France)minorOthersFrench pharmaceutical company supplying cardiovascular, venous disease and other medicines.
• Novo Nordisk (Denmark)minorOthersDanish pharmaceutical company supplying diabetes medicines.
• AstraZeneca (UK)minorOthersUK pharmaceutical company supplying specialty medicines.
• Abbott (USA)minorOthersAmerican healthcare company supplying diagnostic and pharmaceutical products.
• SWISS PHARMA GROUP AG (Switzerland)minorOthersSwiss pharmaceutical supplier of generic medicines.
• Alpen Pharma (Switzerland)minorOthersSwiss health products supplier.
• Gorbi (Georgian Opinion and Business Research International)minorOthersGeorgian business research organisation that conducts annual business rankings; Aversi has won multiple awards in their rankings.
• Georgian TimesminorOthersGeorgian business media outlet that conducts annual business rankings; Aversi has won multiple National Business Awards.
• TÜV SÜD (Germany)coreTechnology or IntegrationGerman quality management certification body that assisted Aversi-Racional in implementing ISO 9001 and GMP EU standards during the manufacturing facility construction and certification process.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Regional players

• Avromed: Armenian pharmaceutical importer and distributor operating across the Caucasus. Comparable to Aversi-Pharma's wholesale/import operations and regional supply-chain role in neighboring post-Soviet markets.
• PSP (Georgian pharmacy network): One of the principal competing Georgian pharmacy chains. Directly comparable because it competes for the same Georgian consumer and the same loyalty economics that drive Aversi's Mtredi programme.

Direct peers

• A5 Pharmacy (Pharmacy Chain 36.6): Large Russian pharmacy chain with hundreds of physical outlets and online presence. Comparable to Aversi's 379-store retail model and represents a regional chain-pharmacy benchmark for footprint economics.
• Pharmstandard: Russia's largest vertically integrated pharmaceutical group combining generics manufacturing, distribution, and pharmacy retail. Most directly comparable to Aversi's manufacturing + retail + wholesale model, though operating at much larger scale in a larger home market.
• Apteka.ru: Russian online pharmacy marketplace and aggregator with significant retail reach. Comparable to Aversi's online pharmacy (shop.aversi.ge) ambitions and represents the digital model that Aversi competes with for Georgian consumer OTC spend.

Broad incumbents

• CVS Health: US pharmacy retail + clinic + PBM + insurance platform. Represents the structural analogue Aversi is building toward at much smaller scale, with clinic + insurance + retail cross-leverage.
• Hikma Pharmaceuticals: Jordan-headquartered multinational generics manufacturer with strong MENA footprint. Comparable to Aversi-Racional's generics manufacturing, EAEU GMP positioning, and emerging-markets export strategy.
• Julphar (Gulf Pharmaceutical Industries): UAE-based pharmaceutical manufacturer with regional manufacturing and distribution. Comparable to Aversi-Racional's manufacturing-plus-export model targeting Middle East and CIS markets.
• Aspen Pharmacare: South African vertically integrated pharma group with generics manufacturing and emerging-markets distribution. Comparable to Aversi's integrated manufacturing-retail-wholesale architecture in an EM context.

Emerging players

• Shop Apotheke Europe: Pan-European online pharmacy retailer. Comparable as a digital pharmacy benchmark that highlights the online-channel maturation gap relative to Aversi's primarily physical-pharmacy model.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/aversipharma

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aversi