Souq.com, a United Arab Emirates-based e-commerce company backed by media and e-commerce group Naspers, is in talks to raise a $300m funding round, according to Bloomberg.
Naspers and investment firm Tiger Global Management are set to lead the round, which would value Souq.com at $1bn. The funding would be used to support expansion efforts by the company.
Launched in 2005, Souq operates a retail site and online marketplace for third-party retailers serving the Middle East and North Africa. The company now attracts around 10 million daily visitors.
Souq has secured $150m in funding to date. Naspers provided $75m in funding in March 2014, after participating in a $40m round in 2012 round alongside Tiger Global and online businesses holdings firm Jabbar Internet Group.
None of the involved parties have yet officially confirmed the latest round.