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Souq (company)

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Souq.com
Screenshot
Type of businessSubsidiary
Founded25 October 2005
(19 years ago) (2005-10-25)
HeadquartersDubai, UAE
Area servedMiddle East
Founder(s)Ronaldo Mouchawar
Key peopleRonaldo Mouchawar (CEO)
Asif Keshodia (Group CFO)
Wisam Daoud (CTO/COO)
IndustryInternet
ServicesE-commerce
(online shopping)
Employees3,000
ParentAmazon.com
(2017-present)[1]
URLwww.souq.com

Souq.com is an English-Arabic language e-commerce platform, owned by Amazon, Inc.[3] It is the largest e-commerce platform in the Arab world.[4] On March 28, 2017, Amazon.com Inc. confirmed it would be acquiring Souq.com for $580 million.[5]

History

The website was founded in 2005[6][7] by co-founders Ronaldo Mouchawar and Samih Toukan.[6] It was initially an auction site linked to internet portal Maktoob.[8] In 2011 Souq.com changed its model to an online shopping site similar to Amazon.com with a marketplace and retail items for sale on its platform.[9]

In March 2014, the company raised $75 million from Cape Town, South Africa-based Naspers,[10][11] bringing the total Souq.com had raised since its inception to $150 million.[11] As of 2014, Souq.com had raised $150 million, the largest amount raised by any internet-based business in the Middle East.[9]

The company was backed by Tiger Global Management and Naspers Ltd. as of 2015, among other companies, and headquartered in Dubai.[11] In October 2015, it was reported that in a round of fundraising, the company was valued at around $1 billion. At the time, it had around 10 million visitors monthly in the 2nd place after Digikala by 51 million visitors monthly.[11]

On March 27, 2017, Emaar Malls, described by the BBC as "the operator of Dubai's biggest mall," made an offer for Souq of $800 million.[6] On March 28, 2017, Amazon.com Inc. confirmed it would be acquiring Souq.com for an unknown value.[12][6] A source told the Wall Street Journal the deal was worth around $700 million.[12] The Financial Times reported that the deal was "understood to be worth more than $650m."[13] The BBC also reported that Amazon might be paying about $650 million.[6] The deal was planned to be completed later in 2017.[6]

SOUQ.com is now a subsidiary of Amazon, and acting as Amazon's arm into the Middle East region.

Overview

As of March 2017, it sold over 8.4 million products in 31 categories, including "consumer electronics, fashion, health and beauty, household goods and baby."[6] It also had around 45 million visits per month.[6] It was the largest e-commerce platform in the Arab world as of 2016,[4] often described as the Amazon of the Middle East.[3] As of 2014, the site delivered to the United Arab Emirates, Saudi Arabia, Kuwait, Egypt, Bahrain, Oman, and Qatar.[10]

As of March 2017, Souq.com has localized operations in Saudi Arabia, United Arab Emirates and Egypt,[6] which as of 2014 equated to semi-automated modern fulfillment centers in the United Arab Emirates, Saudi Arabia, Kuwait, and Egypt, measuring a total of 35,000 square meters. At the time the company employed around 2,500 employees in engineering, retail, customer support, fulfillment and last mile delivery sections.[10]

Shopping at Souq.com

It is interesting to know that nearly 62% people in UAE indulge in online shopping. This number has increased by 25% from 2017. Souq understands this paradigm shift in online shopping and hence, provides some of the best products and services to its customers. With up to 80% off on popular categories, its exclusive Souq Coupon are availed by majority of online shoppers from KSA, UAE & Egypt. The website attracts nearly 45 million visitors each month.

SOUQ.com Subsidiaries

As of Jan 2018, SOUQ.com subsidiaries include their delivery arm - QExpress, payment platform - Payfort, repair and service marketplace - Helpbit, and delivery marketplace Wing[14]

See also

References

  1. ^ Lunden, Ingrid (March 28, 2017). "Amazon confirms acquisition of Souq, marking its move into the Middle East". TechCrunch. Retrieved April 3, 2017.
  2. ^ "Souq site info Site Info". Alexa Internet. Retrieved 2016-02-10.
  3. ^ a b Montini, Laura (8 June 2015). "Meet Souq, the Amazon of the Middle East". Inc.com. Retrieved 21 July 2016.
  4. ^ a b "About us | Souq.com". uae.souq.com. Retrieved 2016-02-11.
  5. ^ "Amazon 10-Q filing".
  6. ^ a b c d e f g h i "Amazon to buy Middle East online retailer Souq". BBC News. 28 March 2017.
  7. ^ "Souq.com's revenue, funding, news & more | PipeCandy". pipecandy.com. Retrieved 2017-10-27.
  8. ^ Attwood, Ed (5 April 2014). "Ronaldo Mouchawar: How I created Souq.com". ArabianBusiness.com. Retrieved 21 July 2016.
  9. ^ a b Sambidge, Andy (24 March 2014). "Dubai's Souq.com secures $75m funding boost". ArabianBusiness.com. Retrieved 21 July 2016.
  10. ^ a b c Jones, Rory (24 March 2014). "Souq.com, Dubai-Based E-Commerce Site, Raises $75 Million". Wall Street Journal Blogs. Retrieved 25 October 2015. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  11. ^ a b c d Nair, Dinesh (14 April 2015). "Tiger-Backed Souq.com Said Worth $1 Billion in Fundraising". Bloomberg. Retrieved 25 October 2015.
  12. ^ a b Parasie, Nicolas (March 28, 2017). "Amazon to Buy Middle East E-Commerce Site Souq.com". Wall Street Journal. New York City, New York, United States. Retrieved March 30, 2017.
  13. ^ Megaw, Nicholas (March 28, 2017). "Amazon confirms Souq takeover in deal to dominate Middle East". Financial Times. Retrieved April 3, 2017.
  14. ^ "Souq acquires Wing".

Why did souq.com call Black Friday with White Friday?

Further reading

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