Online marketplace souq.com raises $275m investment
As we continue to keep an eye on emerging online marketplaces overseas, recent news that a Dubai based retailer and marketplace souq.com has raised $275m in investment certainly piqued our interest.
Apparently they already sell 400k products online and attract over 24 million unique visitors to the site every month. And that’s not to be sniffed at.
Souq.com sells everything from phones and consumer electronics right through to clothing and accessories. The funding round of $275m is billed as “the largest financing of an e-commerce business in the Middle East.” The backers include Naspers Ltd. and hedge fund Tiger Global Management.
Souq.com CEO Ronaldo Mouchawar said: “The funding will be used to drive further growth by investing in technology, scaling our marketplace operations, launching new product categories and recruiting the best talent.”
Have any Tamebay readers already tried using Souq?