As we continue to watch on emerging online markets overseas, recent news that a Dubai based seller and market souq.com has raised $275m in investment certainly piqued our interest.
Apparently they currently sell 400k items online and bring in over 24 million unique visitors to the website monthly. Which`s not to be sniffed at.
Souq.com sells everything from phones and customer electronics right through to clothing and accessories. The financing round of $275m is billed as the largest financing of an e-commerce company in the Middle East. The backers include Naspers Ltd. and hedge fund Tiger Global Management.
Souq.com CEO Ronaldo Mouchawar stated: The funding will be used to drive additional growth by investing in innovation, scaling our market operations, releasing brand-new product categories and recruiting the best skill.