United Arab Emirates-based e-commerce services platform Wing.ae has been acquired by Souq, an online marketplace that was already a shareholder in the startup, TechCrunch reported yesterday.
Financial terms of the acquisition have not been disclosed.
Founded in 2016, Wing.ae operates a fast delivery network that offers same-day and next-day deliveries for third-party e-commerce marketplaces.
Souq made a seed investment of undisclosed size in Wing.ae in August 2016 and remains the only named external shareholder in the business. The two companies were collaborating on scaling Wing.ae’s operations.
Souq itself was acquired by e-commerce company Amazon in July for $580m in cash. Wing.ae’s platform is expected to aid Amazon’s Prime offering in the United Arab Emirates (UAE), a premium service that offers next-day delivery.
Muzaffar Karabev, CEO and founder of Wing.ae, said: “The UAE is a leading e-commerce and smart hub in the region, and in this demanding business we work to fill the logistics supply gaps to offer customers the excellent service they want as fast as possible.
“With the support of Souq.com, Wing will accelerate investments into our technology, infrastructure and regional coverage to provide innovative delivery solutions and to make online shopping for Souq.com customers and merchants even more convenient.”