Dubai E-Commerce Site Souq.com Gets $75 Million Investment From Naspers – Forbes
Souq, which was founded in 2005 by Ronaldo Mouchawar, is the largest e-commerce portal in the Middle East and North Africa and peddles everything from mobile phones and computer accessories to beauty products, books, fashion and household items. The site boasts records than 23 million visits per month and more than 6.2 million registered users.
Naspers now owns a 36% stake in the business. But this is not the first time the Cape Town-based company has invested in Souq. In 2012, the Johannesburg-listed media giant invested $40 million in the online retailer. The company has raised $150 million to date and plans to use the money to boost its technology and mobile services.
Naspers is Africa’s largest media conglomerate with interests in payTV, publishing, e-commerce and online media in Africa India, China, Russia and Europe, Latin America and the Arab world. The company owns stakes in China’s Internet and instant messaging leader Tencent Holdings, Russian Internet giant Mail.ru and Brazilian magazine publisher Abril. Its largest shareholder is South African billionaire Koos Bekker who is worth $1.35 billion, based on March 24 stock prices.
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