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.”
Finding the treasure chest of opportunities needs years of journeying through theJanuary 19, 2024 | By RetailME Bureau
Dr. Dhananjay Datar Chairman & Managing Director ADIL Trading Co. LLC holds
In 1995 regional retail conglomerate Majid Al Futtaim introduced Carrefour to the
Tata Soulfull, a leading name in the ‘good-for-you’ snacks and breakfast cereals
Majid Al Futtaim – Retail, which holds the exclusive franchise to operate
In an exclusive interview Krishna Dhanak, Managing Director, Alpen Capital shared insights
As digital transformation across the retail industry continues to accelerate, the expectations
Saudi Arabia-based grocery retail chain Al Raya Supermarket serves over 100,000 customers
BinDawood Holding has a rich Saudi heritage, spanning over 50 years, 38
Majid Al Futtaim Retail, which owns the exclusive rights to operate Carrefour
BinDawood Holding Company has earned an Honorary Shield, a distinguished recognition by
The World Economic Forum, with support from the Government of the United
Food consumption in the GCC is set to grow at a CAGR
The global sporting and athletic goods market grew from $165.28 billion in
The digital universe for retail is hyper-expansive and today it includes a
How advances in artificial intelligence (AI), cloud computing, robotics, 3D printing, internet
Hybrid shopping is the primary buying method for 27% of consumers, found
Regional e-commerce major noon.com has completed the acquisition of the online fashion
Online flowers and gifting destination Floward has raised $156 million in its
Online retail sales surpassed $1 trillion in 2022 for the first time
Earlier this year (in July to be specific) French brand Sandro announced
With plans for the company to go public in the next two
Airport retailer Dubai Duty Free’s total sales on its 39th anniversary topped
Online share in FMCG sales has been growing all over the world,
Online retailer SHEIN has adopted digital thermal transfer printing to accelerate printing