MENA’s e-commerce platform Souq.com has secured $75 million in an additional round of funding from existing investor Naspers Limited, bringing the total amount raised by Souq.com to $150 million. Building on its pioneering reputation in the e-commerce space in the MENA region, and with a strong supply chain and fulfillment system, Souq.com has grown more than 10-fold in the past two years, further establishing its leadership position in the e-commerce market. Souq.com registers 23 million visits per month on its website, and has 6.2 million registered users. It offers the widest selection of products in over 15 categories, from electronic gadgets to baby diapers in a combined retail and marketplace model.
“This latest round of funding is testament to the trust that the market and our investors have in our offering. We plan to use the funds to deepen our technology investment. We will focus on innovation to provide our customers with a unique and advanced mobile experience, a personalised user experience and unprecedented delivery and customer service quality. We will also invest in our talent pool to help build these world-class standards, says Ronaldo Mouchawar, Souq.com’s co-founder and CEO. “We are changing the fundamentals of retail in the region and transforming how customers shop,” he adds.
A recent PayPal study shows that MENA is an attractive market for e-commerce, with an online penetration of more than 110 million users, a market size that will reach $15 billion by 2015, of which 10% are mobile transactions that will grow six times in the next four years. And 52% of all online shoppers in the UAE have shopped on Souq.com.