PitStopArabia.com, a UAE-based online tyre retailer, has announced the completion of an investment by Mitsubishi Corporation
PitStopArabia.com, a UAE-based online tyre retailer, has announced the completion of an investment by Japanese giant Mitsubishi Corporation.
Mitsubishi now becomes a strategic partner and a shareholder in the company following the investment, the value of which was not disclosed.
PitStopArabia.com described the investment as a "significant milestone" and will be used to bolster its market share by expanding regionally.
“The decision to invest in PitStopArabia.com was made after a thorough study of the market as well as the company. The Middle East is experiencing high growth in e-commerce. In the next 5 years, online tyre retail is expected to account for almost 13-15 percent of all tyres sold in the GCC, compared to less than 1 percent today,” said Aadil Ishfaq, founder and CEO of PitStopArabia.com.
“MC investment is further validation of the regional business potential and success of UAE governments vision for creating an enabling environment for home grown startups to innovate and flourish. Our aim is to continue to grow rapidly and consolidate our market leadership," he added.
“This partnership with MC will broaden the product and service offerings we have deployed across our network. I am confident that our customers and partners will start seeing immediate benefits of this partnership."
PitStopArabia.com was founded in 2015 and supplies more than 40 brands and has 150 installer locations across the UAE.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.