New York-based Tiger Global Management and South Africa-based Naspers, both of which have invested earlier, are involved in the latest round of funding, making Souq the first ever e-commerce company from the Middle East to reach a 10-figure valuation. Standard Chartered Private Equity and International Finance Corporation were the new investors in the most recent round of funding.
“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,” Ronaldo Mouchawar, CEO & Founder, Souq, said in a statement.
The popularity of e-commerce is increasing in the region. According to Euromonitor, the smartphone penetration in the UAE was 74 per cent and the value of m-commerce reached $3 billion in 2015.
Souq offers its customers over 1 million products and draws more than 45 million visits per month. The online retailing giant ships its products to six countries—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and UAE—of the Gulf Cooperation Council. (HO)
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