DUBAI, 1 Mar – Dubai-based Souq.com, the Middle East’s largest online retailer, said Monday it has secured $275 million in funding from international investors to support its growth.
The investors include New York-based Tiger Global Management and South Africa’s Naspers, which have previously channelled investments into the company, it said.
Investors also included Standard Chartered Private Equity, IFC (a member of the World Bank Group) and “many reputable regional and tech-focused financial institutions,” it said.
“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 chief executive Ronaldo Mouchawar.
“The e-commerce market in the Middle East is growing very fast and is expected to reach $20 billion this year,” added Mouchawar, who is a co-founder of Souq.com.
Established in 2005 as an auction site, Souq.com has evolved into a retailer and a marketplace for third-party sellers.
The company says it attracts more than 24 million unique visits per month.