United Arab Emirates-based e-commerce portal Wadi.com has raised $67m in a series A round led by travel group Al Tayyar, Tech in Asia reported today.
Wadi operates an e-commerce portal covering UAE and Saudi Arabia. It was launched in 2015 by Middle East Internet Group (MEIG), a joint venture founded by e-commerce holding company Rocket Internet and telecommunications firm MTN.
The capital will be used to expand further in the Middle East and North Africa while Wadi scales operations and customer service.
In addition to its financial investment, Al Tayyar will also provide the startup with assistance in shipping, logistics and fulfilment. It is already an investor in online ride booking service Careem.
Abdullah Bin Nasser Al Dawood, chief executive of Al Tayyar, told Tech in Asia: “With this investment, the Al Tayyar Travel Group covers the three largest and most promising areas in the online space: travel, general merchandise and the shared economy.”
Other MEIG companies include realty listings platform Lamudi, automotive trading platform Carmudi and ride hailing app Easy Taxi.