MEIG's Wadi.com secures largest Series A funding in the tech history of the Middle East
The company raises USD 67m with Al Tayyar Group as lead investor
14 FEBRUARY 2016, DUBAI/RIYADH
SummaryWadi.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.”
Founded in 2015, Wadi is the Middle East’s fastest growing online shopping store offering 150,000 products among 25 categories and 2,000 brands. With over 500 sellers, it provides a wide range of products in consumer electronics, fashion for men, women and children, cosmetics, Fragrances, kitchen appliances, home and décor, toys and much more, featuring brands from around the world. To find out more, visit www.wadi.com
About Al Tayyar Travel Group
Al Tayyar Travel Group Holding Company is a Saudi joint-stock company. The Group has invested in operations across its clients’ favorite tourist destinations in KSA, the GCC, Egypt, Sudan, Lebanon, Malaysia, the United Kingdom, Canada and other popular tourist locations. Since the end of 2014, the Group has started implementing its online strategy, investing in various successful online ventures in the MENA region and aims to become the dominating online group in its line of business
The Middle East Internet Group (MEIG), a joint venture of Rocket Internet and MTN, is the leading internet platform in the Middle East and supports some of the most vibrant internet companies in the region. Founded in 2013, MEIG's mission is to accelerate the growth and success of the internet economy throughout the Middle East. MEIG's network currently consists of Wadi.com, Helpling.com, Vaniday.com, Easytaxi, Lamudi.com, Carmudi.com.
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About Rocket Internet
About Rocket Internet
Rocket Internet incubates and invests in Internet companies with proven business models. It provides operational support to its companies and helps them scale internationally. Rocket Internet focuses predominantly on four industry sectors of online and mobile retail and services that make up a significant share of consumer spending: Food & Groceries, Fashion, General Merchandise and Home & Living. Rocket Internet’s selected companies are active in a large number of countries around the world with more than 28,000 employees. Rocket Internet SE is listed on the Frankfurt Stock Exchange (ISIN DE000A12UKK6, RKET). For further information please visit www.rocket-internet.com.