Souq called the middle Amazon, although Amazon has not entered this mysterious land, but Souq’s co-founder and chief executive Ronaldo Mouchawar expects the 2016 Middle East business transactions will reach $20 billion, has become the new electricity market.
million European Network on March 1st, the Middle East business platform Souq announced $275 million investment, including investment investors (Tiger Global), tiger global Tencent, the largest shareholder of multinational media group Naspers, Standard Chartered Bank and private equity fund (Standard Chartered Private Equity (IFC), the world bank subsidiary of Baidu), the second largest shareholder of Baillie Gifford other strategic investors.
It is reported that this
Souq $275 million round of financing for the Middle East largest electricity supplier in the field of a pen, the tiger global and Naspers has always favored the emerging market investment business platform, also a common identity which is India’s largest electricity provider platform Flipkart investors.
recently, Bloomberg reported that Souq is seeking financing news, then said the valuation of Souq financing will reach $1 billion. At present, Souq refused to make any reply to this valuation.
Souq was founded in 2005, headquartered in Dubai, was part of the Middle East under the leadership of the portal Maktoob. YAHOO in 2009 at a price of $160 million acquisition of Maktoob, but fortunately the acquisition does not include Souq business. 2014 YAHOO has closed Maktoob, recently announced the launch of the sale of the core business process.
With the popularity of mobile Internet in the Middle East and the rise of the middle class, the rapid development of the electricity supplier in the field of
. In the product category, Soup offers from electronics to fashion, health, beauty, maternal and Home Furnishing supplies, a total of 31 major categories of 1 million kinds of products; from the number of employees, Souq staff of nearly 12 thousand people; from the sales of Souq, 2015 sales of about $75 billion; the other data including, the total financing amounted to $390 million, monthly visits over 45 million.
is influenced by the Middle East economic environment and shopping habits, the company must also solve the 2 big problems of line payment and logistics distribution: 1) according to PayPal, the Middle East 80% online shopping payment is cash on delivery, credit card and bank card payments accounted for 15%; 2) in some areas even numbers are not, not ensure timely delivery. To solve the above problems, Souq has established its own payment system PayFor and logistics system QExpress.
on Financing after