Home / Knowledge / News / Apparel/Garments / Middle East e-tailer Souq gets $275 million funding
Middle East e-tailer Souq gets $275 million funding
02
Mar '16
Courtesy: Souq
Courtesy: Souq
Souq, a leading Dubai-based online retailer, has received funding of over $275 million from international investors, according to media reports.

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)

Fibre2Fashion News Desk – India

Must ReadView All

Courtesy: Li & Fung

Textiles | On 24th Mar 2017

Li & Fung forms new supply chain partnership with PVH Corp

Li & Fung Limited, the world's leader in consumer goods design,...

Courtesy: Alizilla

Apparel/Garments | On 24th Mar 2017

Alibaba's eWTP finds first overseas base in Malaysia

In a step towards using the internet to bring small businesses around ...

Textiles | On 24th Mar 2017

BJMC to produce cotton-jute blended denim fabrics

To meet demand from the market, Bangladesh Jute Mills Corporation...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search