Souq.com has announced that it has raised $275 million (AED 1 Billion) from a funding round with investors to expand its future growth.
Souq.com said the investors included Tiger Global Management, Naspers, Standard Chartered Private Equity, International Finance Corporation and Baillie Gifford. The financing is considered the largest for an e-commerce business in the Middle East.
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, said Ronaldo Mouchawar, CEO and co-founder of Souq.com.
Souq.com is currently the largest online retail and marketplace platform in the Middle Eat , featuring more than 1 million products, attracts over 45 million visits per month and is ranked 5th in brand awareness in the UAE according to Dubai-based integrated communications agency IHC.
Further growth is inherent from being in a market with the highest mobile penetration in the world and continued adoption of mobile 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 mobile commerce, Souq.com will continue to lead the e-commerce industry in the region, Mouchawar added.
