Wadi.com raises $67M Series A
Ecommerce platform Wadi.com announced yesterday the closing of a $67 million Series A funding round led by Al Tayyar Group.
The company claims this is the largest Series A round among tech startups in the Middle East.
This investment comes 10 months after Wadi.com’s launch in 2015 by the Middle East Internet Group (MEIG), a joint venture between Rocket Internet and South African telecommunications provider, MTN.
“The funding will enable us to grow further within the region and deliver exceptional service to our customers,” said Pratik Gupta, Wadi.com cofounder and managing director, in a statement.
With some 500 sellers, Wadi.com offers more than 150,000 products in 25 categories from 2,000 international brands including Apple, Samsung, Lacoste and Hugo Boss.
The company is currently active in the UAE and Saudi Arabia, and planning to expand to more countries in the MENA.
Al Tayyar Travel Group Holding Company is a Saudi joint-stock company. 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
“We have been observing Wadi.com since its launch [...] and it has proven a strong capability to adapt to the market and build a huge portfolio of products. We are confident to see the company growing further, especially with the cargo and logistics support our group will be offering,” says Abdullah Bin Nasser Al Dawood, managing director and CEO of Al Tayyar Travel Group, a Saudi joint-stock company.