Souq.com’s total funding touches $150 million


March 24, 2014 | By RetailME Bureau

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.

Previous Article Next Article

SHARE

YOU MAY ALSO LIKE /



MENA’s retail pioneer Union Coop has further solidified its retail presence in 

Continue Reading

May 5, 2025 | By RetailME Bureau

As the demand for healthier food choices surges, ROOTS Food is leading 

Continue Reading

April 10, 2025 | By Anurima Das

A new chapter unfolds for the leading tech-driven, hyperlocal e-commerce company, Rabbit, 

Continue Reading

April 8, 2025 | By RetailME Bureau

Lulu Retail, the GCC’s retail powerhouse, has reported a transformative FY 2024, 

Continue Reading

February 11, 2025 | By RetailME Bureau
Lulu and MoIAT join hands to promote UAE-made products

The Ministry of Industry and Advanced Technology (MoIAT) in cooperation with Lulu 

Continue Reading

December 6, 2024 | By RetailME Bureau
Sunil Kumar, CEO, Spinneys

Starting as a shelf packer in 1994, Sunil Kumar saw his way 

Continue Reading

October 29, 2024 | By RetailME Bureau
Sunil Kumar and Debashish Mukherjee at MRF 2024

What does it take to sustain profitable growth in the post-IPO phase? 

Continue Reading

October 23, 2024 | By Anurima Das

Mahalle began its operations in 2022 as an “Authentic Turkish Grocery in 

Continue Reading

October 7, 2024 | By Anurima Das
Naresh Kumar Bhawnani, Founder & Chairman, West Zone Group

“Retail is a people’s business. When building a retail brand or the 

Continue Reading

October 3, 2024 | By RetailME Bureau
Sunil Kumar, CEO, Spinneys

From being one of the first retailers in Dubai to ban single-use 

Continue Reading

October 1, 2024 | By RetailME Bureau
Walid Shabana, Co-founder & CTO, Rabbit

For starters, Rabbit is a growing e-commerce grocery platform in Egypt always 

Continue Reading

September 30, 2024 | By RetailME Bureau
Arunachalam Palaniappan, CTO, Choithrams

In 2024 grocery retail major Choithrams has achieved several milestones underscoring its 

Continue Reading

September 12, 2024 | By RetailME Bureau




Download Images RetailME Magazine