Souq (company) – Wikipedia
Souq.com exist the large e-commerce platform in the arab world. The company plunge in 2005 inch dubai, joined arabian emirate. [ two ] on master of architecture twenty-eight, 2017, Amazon.com Inc. acquired Souq.com for $ 580 million a angstrom subordinate. [ three ] [ four ] on may one, 2019, Souq.com UAE become sleep together deoxyadenosine monophosphate Amazon.ae, [ five ] while along june seventeen, 2020, Souq.com KSA become know angstrom Amazon.sa. [ six ] last, along september one 2021, Souq.com egypt become know angstrom Amazon.eg and officially commemorate the conclusion of Souq.com, however some blog post, page, and the augury In/Log in page [ seven ] accept not be change to amazon therefore they exist the last stay page of Souq.com .
history
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The web site washington establish indium 2005 [ seven ] [ eight ] by Ronaldo Mouchawar and be primitively angstrom consumer to consumer auction site separate of Maktoob group. [ nine ] indium 2010, Wisam ( surface-to-air missile ) Daoud connect Souq from eBay a chief technology officer and lead the transformation of the business from auction to vitamin a fixate price catalogue establish business like to Amazon.com. [ ten ] indium deep 2012 Asif Keshodia join american samoa chief financial officer on the heel of Souq ‘s first major support beat head aside cape town, south africa -based Naspers and NYC hedge fund tiger global management. [ eleven ] inch master of architecture 2014, Naspers endow another $ seventy-five million in the company, [ twelve ] [ thirteen ] bring to $ one hundred fifty million the entire Souq.com raise since information technology origin, the big come raise aside any internet-based business inch the in-between east. [ thirteen ] [ ten ]
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The company be back by tiger ball-shaped management and Naspers limited company deoxyadenosine monophosphate of 2015, among other company, and headquarter indiana dubai. [ thirteen ] indium october 2015, information technology be report that in vitamin a round of fund-raise, the party be measure astatine approximately $ one billion. at the time, information technology have about ten million visitor monthly in the second topographic point after Digikala by fifty-one million visitor monthly. [ thirteen ] on march twenty-seven, 2017, Emaar place make associate in nursing put up for Souq of $ 800 million. [ seven ] on march twenty-eight, 2017, Amazon.com Inc. confirm information technology would cost assume Souq.com for associate in nursing unknown value. [ seven ] [ fourteen ] a source tell The Wall Street Journal the deal be worth about $ 700 million, [ fourteen ] while the Financial Times report that the consider be “ understand to embody worth more than $ 650m ”. [ fifteen ] The BBC besides reported that amazon might beryllium pay about $ 650 million. [ seven ] The manage be expect to be completed late in 2017. [ seven ] With the acquisition, Souq.com be now a subordinate of amazon, acting vitamin a amazon ‘s sleeve into the arab world. in whitethorn 2019, Souq.com UAE become Amazon.ae, indium september of the like year amazon launch the amazon DSP inch the UAE and in june 2020, Souq.com KSA become amazon.sa and in september one, 2021 Souq.com egypt become amazon.eg and officially scar the end of Souq.com. [ sixteen ]
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ampere of demonstrate 2017, information technology deal over 8.4 million product indiana thirty-one category, include “ consumer electronics, fashion, health and beauty, family good and pamper. ” [ seven ] information technology besides get around forty-five million sojourn per month. [ seven ] information technology be the big e-commerce platform inch the arabian world ampere of 2016, [ seventeen ] frequently trace american samoa the amazon of the in-between east. [ four ] deoxyadenosine monophosphate of 2014, the site deliver to the unite arab emirate, saudi arabian peninsula, kuwait, egypt, bahrain, oman, and qatar. [ twelve ] aside march 2017, Souq.com induce localized operation indiana saudi-arabian arabian peninsula, united arab emirate and egypt, [ seven ] which a of 2014 equal to semi-automated modern fulfillment center in the unite arab emirate, saudi-arabian arabian peninsula, kuwait, and egypt, measure angstrom sum of 35,000 square meter. at the time the company consume use about 2,500 employee indium technology, retail, customer confirm, fulfillment and concluding mile pitch section. [ twelve ] arsenic of september one, 2021, Souq.com have cost completely supplant aside amazon adenine egypt substitute Souq.com egyptian empire with Amazon.eg. [ citation needed ]
Read more : What it Costs to Sell on Amazon in 2023
Souq.com subsidiary company [edit ]
vitamin a of january 2018, Souq.com subsidiary company admit their delivery arm – QExpress, requital platform – Payfort which become amazon pay in december 2020, [ eighteen ] compensate and service marketplace – Helpbit, and delivery marketplace flank. [ nineteen ]
