Majid Al Futtaim leads funding round in Wadi Group

RetailME Bureau

Majid Al Futtaim have announced an investment in e-commerce marketplace Wadi Group, which operates Wadi Grocery, one of the fastest growing online grocery delivery platforms in Saudi Arabia. The investment in Wadi is part of a $30 million funding round that will help fuel Wadi Grocery’s growth.

As part of the agreement, Carrefour will become Wadi Grocery’s long-term strategic partner for supplying food and non-food groceries. This partnership will provide customers access to over 12,000 high-quality products at the same great value prices found in Carrefour stores. Products will be delivered within a two-hour window on the platform, making the quick delivery of such a wide product offering the first service of its kind in the Middle East.

Wadi Grocery is currently operational in the three major cities of Riyadh, Jeddah and Dammam, and will gradually extend to customers in all cities throughout the Kingdom where Carrefour operates.

“Saudi Arabia is a strategically important market for Majid Al Futtaim, and we are constantly looking for ways to expand in the Kingdom and serve our growing client base beyond our existing stores. Wadi Grocery provides a full ecosystem of enabling services including an in-house ‘last mile’ delivery network, and our investment in the platform will bring us closer to customers where we don’t have physical presence and fulfill their demand more efficiently,” says Hani Weiss, CEO, Majid Al Futtaim – Retail.

This agreement is the latest investment from Majid Al Futtaim, as part of its digital transformation aimed at extending its leadership beyond traditional retail and into an omnichannel proposition.

“We believe that the two key drivers for success in the e-grocery market are a wide, price-competitive assortment and fast, reliable delivery. With Carrefour we have the best partner to bring e-grocery to every household in the Kingdom and beyond. We are proud of what we have achieved to date and look forward to increased success with the support of Majid al Futtaim,” adds Ankit Wadhwa co-founder and managing director, Wadi.