Published on November 2nd, 2015 | by Bhavishya Kanjhan0
JadoPado raises $4M in its first external investment
JadoPado announced today that it has raised $4M in a round led by BECO Capital. The round values the 5 year old eCommerce company at $28 million or AED 102 million.
Earlier this year, JadoPado pivoted (Omar Kassim, CEO, calls it ‘swivel‘) from an eCommerce seller, to an eCommerce marketplace model. This move has allowed JadoPado to expand the number of categories and items it now sells on its website without having keep any of those in stock. The result is an ecosystem that consists of over 2,500 sellers and over 55,000 products. Traffic on the website has increased three fold as well. This is not just restricted to UAE, or MENA either. The website now features buyers and sellers from across the world.
However the shopping experience has been web driven so far. A look at the careers page showcases many open positions, multiple of those in the engineering domain; it’s likely that part of the funding will go in to building the mobile shopping experience. Of course most of the funding is going to go into growing the company. Expect to see JadoPado present in a lot more markets across ‘the Middle East and other emerging markets’ soon.
“JadoPado has seen exponential growth since re-positioning as a marketplace platform earlier this year,” said Omar Kassim, JadoPado’s CEO. “BECO Capital’s investment is indicative of our strong market positioning and we’re incredibly excited to bring them on as our partners in revolutionising commerce in emerging markets.”