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StanChart invests in Souq.com

UAE, February 29, 2016

Standard Chartered Private Equity (SCPE), the private equity arm of the bank, has made a $50 million equity investment, as part of a $275 million consortium, for a minority stake in online retailer Souq.com.

The investment will support the company’s growth, strengthen e-commerce in the region, and empower more businesses to grow online, said a company statement.

Investors alongside SCPE in this round include New York-based Tiger Global Management and South Africa’s Naspers Ltd., which have each invested in Souq.com in earlier funding rounds.

Souq.com has also added new strategic investors to diversify its investor base, including Baillie Gifford, the International Finance Corporation, as well as many international, regional and tech-driven financial institutions.

Souq.com’s previous investment from Naspers was for $75 million in 2014. Successful completion of this latest round of funding makes Souq.com the highest valued internet company in the region, the statement added.

Taimoor Labib, regional head of Mena private equity and head of global private equity portfolio management at SCPE commented: "We are excited to be participating in this unique regional retail opportunity with a top notch management team and shareholder group. The disruptive nature which online businesses pose to traditional brick and mortar enterprises continues to evolve and Souq.com is well positioned as the clear regional market leader.”

“We believe new investors in this round like SCPE will bring great value to the company as we broaden our investor base and these institutions have a great international footprint which will be important to take the company to the next level,” added Ronaldo Mouchawar, CEO of Souq.com. -TradeArabia News Service

 




Tags: Invest | equity | E-commerce | standard | Souq | Chartered |

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