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MTN, Rocket Internet JV secures US$67m funding

By , ITWeb
Africa , 15 Feb 2016

MTN, Rocket Internet JV secures US$67m funding

Middle East e-commerce platform Wadi.com has raised US$67m with Al Tayyar Travel Group as the lead investor ten months after its launch.

In a statement the venture describes the investment as 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 UAE and Saudi Arabia and says it will expand soon to more countries.

Pratik Gupta, co-founder and Managing Director of Wadi.com, says: "Wadi.com has developed in an impressive way. 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 & CEO Al Tayyar Travel Group, says: "We have observing Wadi.com since its launch and Wadi.com has now become one of the main important e-commerce players in the Middle East within a very short period of time. The company has proven a strong capability to adapt to the market and build a huge portfolio of products. We are confident to see Wadi.com growing further, especially with the cargo and logistics support our group will be offering. The Wadi.com investment will make us as a group one of the leading logistics player for the fast growing ecommerce segment in the MENA region. Furthermore, with this investment, the Al Tayyar Travel Group covers the three largest and most promising areas in the online space: Travel, General Merchandise Marketplace and the shared economy"

Dr. Eyad Alkassar CEO of MEIG, says: "The funding round for Wadi.com only ten months after launch is a great proof of trust into our business. The management team of the company has done a fantastic job in building this platform. With Al Tayyar Travel Group we have the perfect partner to continue this very unique success story of the Middle East, especially through their support in the business critical fields cargo and logistics and general local support on the ground in Saudi Arabia and beyond."

In October 2015 former MTN CEO Sifiso Dabengwa said the mobile operator was excited to be in a strategic partnership with Rocket Internet and Millicom to develop online ventures across fast growing internet markets in Africa.

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