Popular Dubai-based marketplace aggregator Yallahub has raised $6 million funding to lead expansions into Qatar and Saudi Arabia, according to Gulf News.
The company caters to the B2B e-commerce sector, allowing brands to expand their presence across the GCC region and achieve worldwide omni-channel sales through a convenient “single-window service”.
Both Saudi Arabia and Qatar present attractive opportunities due to their rapid growth in the fintech sector, economic stability, young and tech-savvy populations, impressive internet penetration rates of up to 99% , and a strong push toward digitalisation.
At a staggering internet penetration rate of 99%, only 1% of Qatar’s population remained offline at the start of 2023, as revealed by DataReportal’s latest report.
Out of the total population, 2.62 million people (96.8%) were active social media users, making Qatar one of the countries with the highest social media usage rates in the world.
The funding round was jointly led by private investors, entrepreneurs, and syndicates focused on the region, including Fedor Ovchinnikov, the founder of Dodo Brands, as well as Regolith, a platform for financial and investment instruments, among others.
The secured funds will be used to enhance YallaHub’s IT platform for order aggregation and to expand its network of partner marketplaces, the report added.
YallaHub has successfully introduced more than 80 small, medium, and enterprise brands to the United Arab Emirates market.
As a marketplace aggregator, it offers its customers a streamlined entry point to the GCC market, facilitating omnichannel sales through various channels, including 8+ aggregators and marketplaces like Noon, Careem, Amazon, Deliveroo, NowNow, e-commerce platforms, and the merchant’s individual sales channels powered by YallaWeb and Shopify.
“Our mission is to empower all entrepreneurs to grow quickly in the GCC e-commerce scene, covering the region with reliable and convenient less than 90-minute delivery,” said Leo Dovbenko, CEO and co-founder of YallaHub.
This year, the startup is set to broaden its presence by entering Qatari and Saudi markets and expects to attract more than 100 brands that could produce an impressive annual recurring revenue (ARR) of $10 million, reports detailed.
YallaHub confirmed it also has strategic plans to further expand its operations into the remaining three GCC countries, specifically Oman, Kuwait, and Bahrain next year.