Naspers invests R812m in Dubai retailer

Comment on this story


DubaiRetail

Flickr: Ryan Lackey.

Dubai - Dubai-based Souq.com has secured $75 million (R812 million) in funding from South African e-commerce firm Naspers, the UAE online retailer said on Tuesday.

The latest investment by Naspers, which held a 36 percent stake in Souq.com as of November 2013, brings the total money the Dubai firm has raised to $150 million.

Souq.com will use the new funds to invest in its technology and mobile services, it said in an emailed statement.

The company says it is the Middle East and North Africa's largest e-commerce platform, with 6.2 million registered users and 23 million visits per month to its website. - Reuters


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks