Confirms new investment from Naspers Limited.
Souq.com has announced a new round of investment from South African multinational media and internet group Naspers Limited, revealed Wamda.
Rumours suggest the investment to be around $40 million, though no official disclosure has been made. But if that figure is accurate, the deal would be the second largest investment made in an ecommerce venture in the Middle East since the 2009 sale of Maktoob.com for $165 million. It certainly would be higher than the recent investment of $20 million in rival Namshi.com.
Naspers Limited, also currently invested in Dubai’s own Dubizzle, will take a minority stake and join existing investors Tiger Global and Jabbar Internet Group.
The new financial support will help expand Souq.com’s logistics centers in the UAE, Saudi Arabia, and Egypt. It will also support regional growth of other Souq.com companies like Sukar and Run2Sport. Souq Fashion, Souq.com’s newest product line will also receive a boost.