Middle East-based online retailer Souq.com has completed a funding round of more than AED one billion ($275 million), the largest financing of an e-commerce business in the region.
This significant investment will support Souq.com’s future growth, while strengthening e-commerce in the region and empowering more businesses to grow online through Souq.com’s platform.
“The funding will be used to drive further growth by investing in technology, scaling our marketplace operations, launching new product categories and recruiting the best talent. The e-commerce market in the Middle East is growing very fast and is expected to reach $20 billion this year. As the largest e-commerce platform in the region, we focus on the value we bring through technology and job creation. We connect people to products through our retail and marketplace model. Through cutting edge technology, we enable our consumers to make smarter choices and access to mobile commerce is further empowering them,” says Souq.com co-founder and CEO Ronaldo Mouchawar.
The investors in this round of funding include New York-based Tiger Global Management and South Africa’s Naspers Ltd., both of which had invested in Souq.com in earlier funding rounds.
Souq.com also added new strategic investors to diversify its investor base, including Standard Chartered Private Equity, IFC (a member of the World Bank Group), Baillie Gifford and many reputable regional and tech-focused financial institutions. Allen & Company LLC was the financial advisor to Souq.com on this latest round of financing.
Adding further, Mouchawar states, “Further growth is inherent from being in a market with the highest mobile penetration in the world and continued adoption of mobile commerce (m-commerce) by our customers. Souq.com is constantly enhancing its customer experience, for both buyers and sellers. SMEs in particular are true growth drivers in our economy and our aim is to empower merchants to reap the benefits of e-commerce and further drive growth via mobile. Capitalising on the step-change in consumer behaviour and business benefit towards m-commerce, Souq.com will continue to lead the e-commerce industry in the region.”
The first two days of the 25th edition of Beautyworld Middle EastOctober 6, 2021 | By RetailME Bureau
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
Union Coop, a consumer cooperative in the UAE, revealed that 78% of
Union Coop has opened its 23rd branch within the UAE in Jumeirah
Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and
UAE-based Al Maya Group announced that it will be boosting import of
UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
Retailers in the Middle East are making strides in their multichannel offerings,
Gulf Marketing Group (GMG) is gearing up for a continued surge in
Blush & Bloom, an online maternity boutique that provides maternity, nursing, and
Abu-Dhabi based Rizek, the first app for on-demand home services in the
It is impossible for any retailer to survive without e-commerce capabilities, according
The unprecedented challenges of 2020 made way for the untapped opportunities that
GCC-based noon.com, the homegrown digital marketplace, announced its biggest ever Yellow Friday Sale
A new UAE e-commerce platform, Flip19.com, goes live in Dubai. The site
British quality grocery retailer Waitrose & Partners launched its first e-commerce platform
The COVID-19 pandemic has forever changed online shopping behaviours, according to a
Swedish fashion retailer H&M Group adopts an integrated approach to grow, amid