Published on February 15th, 2016 | by Bhavishya Kanjhan0
Wadi.com has raised $67M, valued at about $100M
E-commerce marketplace Wadi.com announced today that it has raised $67M for its series A round. The funding has been led by Al Tayyar Travel group as its lead investor and comes approximately 10 months after launch.
Reuters is reporting that Al Tayyer’s investment is approximately $33.5M for a 33.3% stake, effectively valuing Wadi.com at $100 million.
We covered the launch of Wadi.com in the middle of last year and since then the marketplace has grown to over 150,000 products across multiple categories.
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.”
ECommerce in the region is starting to take to new heights. Souq.com has raised $150 million till-date with its last round of funding of $75 million having come last year, and JadoPado.com raised $4M from Beco Capital at a valuable of approximately $28M