Souq.com

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Souq.com
Souq Logo Primary EN.svg
Screenshot
Souq screenshot.jpg
Type of business Subsidiary
Founded 25 October 2005
(12 years ago)
 (2005-10-25)
Headquarters Dubai, UAE
Area served Middle East
Founder(s) Ronaldo Mouchawar
Key people Ronaldo Mouchawar (CEO)
Asif Keshodia (Group CFO)
Wisam Daoud (CTO/COO)
Industry Internet
Services E-commerce
(online shopping)
Employees 3,000
Parent Amazon.com
(2017-present)[1]
Website www.souq.com
Alexa rank Increase 433 (February 2016)[2]

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[edit]

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[edit]

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]

SOUQ.com Subsidiaries[edit]

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[edit]

References[edit]

  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. 
  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[edit]

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