Dubai-based online shopping portal Souq.com has raised $75 million in new funding

SouqDubai-based online shopping portal Souq.com has raised $75 million in new funding from South African media giant Naspers. Souq.com, referred to as the Amazon of the Middle East, has over 6.2 million registered users and a current valuation of over $500 million. Founded in 2005, Souq.com has raised $150 million in funding to date and will use the new round to improve its search functionality and mobile experience.

Souq.com is the largest e-commerce site in the Arab world, featuring more than 200,000 products across categories such as consumer electronics, fashion, household goods, watches or perfumes. Today Souq.com attracts over 8 million visits per month and is fast growing as more consumers shop online in the Arab world.

Often tagged as the “Amazon of the Middle East”, Souq.com operates both as a retail site and as a marketplace for third party sellers. It offers a convenient and safe online shopping experience with online payments, option to pay cash on delivery and free returns.

 

Established in 2005, Souq.com pioneered online shopping in the region as an auction site linked to the Arab internet portal Maktoob. When Yahoo! acquired Maktoob in August 2009, Souq.com was not included in the sale and was spun off as part of Jabbar Internet Group. The site then switched to a marketplace with a fixed price model in early 2011, and then launched its retail division late 2011.

 

Headquartered in Dubai, UAE, Souq.com caters to the needs of local markets with commercial offices in Egypt, Kingdom of Saudi Arabia and Kuwait, and a technical and development center in Jordan.

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