Dubai-based e-ecommerce site Souq.com is seeking $300 million to fund its expansion plans, it has been reported.
Bloomberg reported that the fundraising for online retailer, which is backed by a number of investors including New York-based Tiger Global Management LLC and South Africa’s Naspers Ltd, values the website at $1 billion.
Souq.com, which was established in 2005, is the Middle East’s largest Internet-based business. With over 23 million visitors to its website each month, it has more than 400,000 products across categories such as consumer electronics, fashion, household goods, watches or perfumes.
Often tagged as the ‘Amazon of the Middle East’, Souq.com raised $75 million from Naspers in March last year, raising the amount raised since it started to $150 million.
A PayPal report estimated that the e-commerce market in the Middle East will be worth $15 billion this year, with roughly 10 percent of purchases made on mobile devices.
Follow us on
