By Staff writer
Wadi.com says investment marks the largest series A funding in the tech history of the Middle East
Wadi.com, the Middle East e-commerce platform, has announced that it has raised $67 million with Al Tayyar Travel Group as the lead investor, 10 months after its launch.
The online retail firm said the investment marks the largest series A funding in the tech history of the Middle East and will further accelerate the growth of the company.
Wadi.com was started in 2015 by the Middle East Internet Group (MEIG), a joint venture between German internet platform Rocket Internet and South African telecommunications provider MTN.
Wadi.com is currently active in the UAE and Saudi Arabia and is expanding soon to more countries, a statement said.
Wadi.com said it has seen massive growth since its launch and the company offers more than 150,000 products from more than 2,000 international brands, including Apple, Samsung, Lacoste and Hugo Boss.
Pratik Gupta, co-founder and managing director of Wadi.com, said: "The funding will enable us to grow further within the region and deliver exceptional service to our customers. We are proud of having raised the largest funding in tech history of the Middle East."
Abdullah Bin Nasser Al Dawood, managing director and CEO, Al Tayyar Travel Group, added: "We have observing Wadi.com since its launch... We are confident to see Wadi.com growing further, especially with the cargo and logistics support our group will be offering."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.