Wadi.com, the fastest growing e-commerce platform of the Middle East, has raised USD 67m (EUR 60m) with Al Tayyar Group as the lead investor ten months after its launch.
Wadi.com, the fastest growing e-commerce platform of the Middle East, has raised USD 67m with Al Tayyar Travel Group as the lead investor ten months after its launch. The investment marks the largest series A funding in the tech history of the Middle East and will further accelerate the growth of the company. Wadi.com was started in 2015 by the Middle East Internet Group (MEIG), a Joint Venture between German internet platform Rocket Internet and South African telecommunications provider MTN. Wadi.com is currently active in UAE and Saudi Arabia and is expanding soon to more countries.
Since its start, Wadi.com – a general merchandise marketplace – has seen massive growth and has become one of the leading e-commerce players in the region. The company offers a wide assortment of more than 150,000 products from more than 2,000 international brands, including Apple, Samsung, Lacoste and Hugo Boss.
Pratik Gupta, co-founder and Managing Director of Wadi.com, says: “Wadi.com has developed in an impressive way. The funding will enable us to grow further within the region and deliver exceptional service to our customers. We are proud of having raised the largest funding in tech history of the Middle East.”
Abdullah Bin Nasser Al Dawood, Managing Director & CEO Al Tayyar Travel Group, says: “We have observing Wadi.com since its launch and Wadi.com has now become one of the main important e-commerce players in the Middle East within a very short period of time. The company has proven a strong capability to adapt to the market and build a huge portfolio of products. We are confident to see Wadi.com growing further, especially with the cargo and logistics support our group will be offering. The Wadi.com investment will make us as a group one of the leading logistics player for the fast growing ecommerce segment in the MENA region. Furthermore, with this investment, the Al Tayyar Travel Group covers the three largest and most promising areas in the online space: Travel, General Merchandise Marketplace and the shared economy”
Dr. Eyad Alkassar CEO of MEIG, says: “The funding round for Wadi.com only ten months after launch is a great proof of trust into our business. The management team of the company has done a fantastic job in building this platform. With Al Tayyar Travel Group we have the perfect partner to continue this very unique success story of the Middle East, especially through their support in the business critical fields cargo and logistics and general local support on the ground in Saudi Arabia and beyond.”
More informations click here
Source Rocket Internet