MENA E-Commerce Startup Wadi.com Is Now Operationally Profitable
Watch out Souq.com (and other e-commerce players)- rising in the sector is MENA startup Wadi.com. The startup has announced it is achieving the sought out e-commerce target of becoming operationally profitable, and heading towards net profitability. Just eighteen months after its Series A funding round of US$67 million -a noteworthy amount for a Series A in the region- the startup has released a statement on its tripled seller base record, along with a 200% increase on annual growth. It has also attained a score of 60% on the "Net Promoter Score", a global index quantifying a customer’s overall satisfaction and loyalty to the brand. Operating in the UAE, KSA and India, this year alone, the startup has brought on prominent partnerships with international brands, including Nokia, Samsung and Reebok.
Pratik Gupta, co-founder of Wadi, along with Ankit Wadhwa and Kanwal Sarfraz, remarked on their excitement as a focal stage for their startup: “This has been made possible because of our dedication to pushing the e-commerce boundaries to further excel customer experience. Achieving our operational profitability has solidified investor confidence in us, and deepened their understanding of Wadi’s business culture.”
Continuing its focus on providing prime customer service and a well-built platform for sellers, Wadi seeks to grow its international product portfolio for customers and sellers to access global brands without added shipping costs. For the rest of the year, they are also targeting expansion plans for Wadi’s sales and grocery business.
With Amazon’s prominent acquisition of Souq, and exits of JadoPado and Namshi (when 51% was acquired by Emaar Malls for $151 million), it’s an exciting time for the digital space as global players look on regional entities as their entrance to MENA. With Wadi’s gradual and steady growth, it’s definitely an enterprise worth watching.