Sary, the leading B2B eCommerce platform in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region, has acquired Mowarrid, one of the leading B2B marketplaces in Egypt.
The acquisition reflects a strategic move for Sary towards its expansion plans throughout the North African markets starting from Egypt, the second-largest economy in Africa, and the third-largest in the Arab world with a $60 billion wholesale and retail trade industry.
The deal also marks the beginning of multiple activities for the company toward its vision to lead the B2B eCommerce in the emerging markets in the MENAP enabling a regional network to connect buyers and sellers throughout the different markets.
Since its inception in 2018, Sary raised a total of $112 million, reached more than 350,000 customers and served over 40,000 businesses in 15 cities across Saudi Arabia, according to the statement.
“Egypt is a strategic market for us and has a huge synergy with the Saudi and GCC markets. The industry has witnessed significant growth in the past years with very strong digitization in the wholesale and retail trade industry which accounted for around 15 percent of Egypt’s GDP.”
Commenting on the deal, Mr. Ahmed Essam, the Founder, and CEO of Mowarrid said, “Since 2018, Mowarrid’s journey has been rewarding by enabling small businesses in Egypt with smarter supply chain solutions. Today, joining forces with Sary to build one stronger entity with a solid footprint, regional network, and technological capabilities in two of the most important economies in the region.”
According to a recent report by MAGNITT, funding into eCommerce grew by 235 percent between 2020 and 2021 in MENA. Saudi Arabian startups have secured 38 percent of the total capital deployed in the sector last year.