UAE-based retail giant Majid Al Futtaim has announced an investment in Wadi Group which operates Wadi Grocery, the fastest growing online grocery delivery platform in Saudi Arabia.
The investment in Wadi is part of a $30 million funding round that will help fuel Wadi Grocery’s growth, a statement said.
As part of the agreement, Carrefour will become Wadi Grocery’s long term strategic partner for supplying food and non-food groceries.
The partnership will provide customers access to over 12,000 products, delivered within a two-hour window on the platform, the statement added.
Wadi Grocery is currently operational in Riyadh, Jeddah and Dammam, and will gradually extend to customers in all cities throughout the kingdom where Carrefour operates.
"Wadi Grocery provides a full ecosystem of enabling services including an in-house ‘last mile’ delivery network, and our investment in the platform will bring us closer to customers where we don’t have physical presence and fulfill their demand more efficiently.”
Ankit Wadhwa co-founder and managing director of Wadi, said: “We believe that the two key drivers for success in the e-grocery market are a wide, price-competitive assortment and fast, reliable delivery.
"With Carrefour we have the best partner to bring e-grocery to every household in the kingdom and beyond."For all the latest retail 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.
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