Souq.com is reportedly planning to sell a 30 percent stake in the business, according to Bloomberg.
Here are nine things you might not know about the ecommerce giant:
- The company was founded by Ronaldo Mouchawar in 2006 and today it is the largest online retailer in the Middle East, with 3,000 employees.
- Earlier this year, it completed a funding round of more than AED 1 Billion (USD 275 million), which was the largest financing of an e-commerce business in the Middle East. Investors included Tiger Global Management and Naspers Ltd., which had both also invested in Souq.com in earlier funding rounds.
- In 2013, Souq.com won ‘Digital Business of the Year’ at the Arabian Business StartUp Awards.
- The site features more than a million products across 31 categories including consumer electronics, fashion, health and beauty.
- It attracts over 45 million visits per month and has localised operations in the KSA, UAE and Egypt.
- There are 70,000 merchants selling their products on Souq.com.
- Souq.com recently launched Helpbit, a platform to provide after-sales service in the UAE. It offers on-demand services including repairs to broken phones and laptops, housekeeping and laundry services, alterations to clothing and pretty much.
- Mouchawar is Syrian and studied engineering at Northeastern University in Boston
- Nestlé Egypt became the first FMCG company to sell its products on Souq.com in June 2016.
Read the September 2016 issue of Business Review Middle East magazine