Saudi Arabia-based e-commerce platform and online grocery delivery service Wadi has received $30m in funding from investors including shopping centre operator Majid Al Futtaim.
Wadi operates an e-commerce marketplace as well as an on-demand grocery delivery app called Wadi Grocery that is active in the Saudi cities of Riyadh, Jeddah and Dammam.
The company was launched in 2015 by Middle East Internet Group, the joint venture formed by e-commerce holding group Rocket Internet and telecommunications company MTN.
The investment was made as part of a deal that will involve Wadi Grocery becoming the delivery partner for Carrefour. Majid Al Futtaim holds the franchise rights to France-based Carrefour hypermarkets in 38 countries across Africa, Asia and the Middle East.
Hani Weiss, chief executive of Majid Al Futtaim’s retail, said: “Saudi Arabia is a strategically important market for Majid Al Futtaim, and we are constantly looking for ways to expand in the Kingdom and serve our growing client base beyond our existing stores.
“Wadi Grocery provides a full ecosystem of enabling services including an in-house ‘last mile’ delivery network, and our investment in the platform will bring us closer to customers where we don’t have physical presence and fulfill their demand more efficiently.”
The company has not disclosed the other participants in the round. It raised $67m in an early 2016 series A round led by travel services provider Al Tayyar.
