- UAE-based retailer Al Maya Group has bought a majority stake in the e-commerce platform Conektr for an undisclosed amount.
- Founded in 2017 by Madhusudhanan Janakarajan, Conektr is an FMCG B2B2C marketplace that claims to supply 7,000 grocery outlets in the UAE. Meanwhile, Al Maya was founded in 1982 with multiple business verticals across the FMCG Distribution of Food and Non-Food products in the UAE and GCC.
- The acquisition will allow Al Maya to expand its distribution base.
Source: Gulf News
The Dubai-headquartered retailer Al Maya Group has bought a majority stake in Conektr, an e-commerce platform for fast-moving consumer goods. The latter supplies more than 7,000 grocery outlets in the UAE.
A controlling stake for Al Maya will help expand its own distribution base, representing as it does multiple international brands in the local/regional markets. Conektr’s digital platform allows B2B clients to buy, operate and sell their stocks online.
“This partnership helps Conektr to plug in, play and scale our company with instant access to their world-class warehousing and fleet of services across the GCC region,” said Madhusudhanan Janakarajan, founder and CEO of the portal.
In a statement, Kamal Vachani, Director at Al Maya Group, said: “Conektr is among the most transformative partnerships we have had. The platform will significantly enhance our ability to drive engagement with retailers and play a more meaningful and relevant role in the distribution and retail industry.”
The Al Maya Group, established in 1982, employs more than 5,000 employees for its business verticals such as the distribution of food and non-food products, processing plants in India and elsewhere, and over 90 retail stores in the UAE and GCC, including supermarkets.