Wadi, an e-commerce start-up in the UAE and Saudi Arabia, said on Sunday it reached profitability in the first half of 2017 – 18 month after receiving a $67 million funding boost from investors.
Wadi, which has been ranked the number one shopping app in the UAE and Saudi Arabia, tripled its seller base and achieved a 200 percent increase in turnover year-on-year in the first half of the year, becoming “operationally profitable”, it said.
The company is now moving towards net profitability as it expands in the region, it added.
Operating in 25 cities across the UAE and KSA, Wadi’s network of delivery systems – including more than 200 delivery vans and drivers – aims to provide efficient delivery of products to customers.
It also seeks to provide exclusive offers by partnering with international brands which this year have included Nokia, Samsung and Reebok.
In the second half of this year, Wadi said it would reveal new expansion plans – especially for its institutional sales and grocery business – and partnerships intended to give customers greater access to brands and sellers without incurring international shipping costs.
Wadi co-founder Pratik Gupta said: “We are at a very exciting and pivotal phase of the Wadi story. In the last one year, our delivery is faster by 50 percent and our service and product range has changed the way people shop online.
“Achieving our operational profitability has solidified investor confidence in us and deepened their understanding of Wadi’s business culture. The next 18 months will see us achieving our net profitability… the next chapter in the Wadi journey.”For all the latest business 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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