What better way to celebrate Noon’s upcoming 6th birthday than raising $2b from investors? MENA’s homegrown online marketplace is set to raise a truckload of funds from investors such as Saudi Arabia’s PIF. The company will use the funds to upgrade infrastructure and speed up deliveries.
E-commerce accounts for 2% to 2.5% of total retail in the region, but Noon does not want to be discouraged by these numbers and hopes that the additional funds will help them capture a larger slice of the growing market. Noon currently has 4 million daily users and operates in the UAE, Saudi Arabia, and Egypt.
why it matters
In 2019, Noon's founder Alabbar suggested that Amazon (AMZN) go back to the US. 2 years later, Amazon is not just present in the MENA region, but is also the leading e-commerce platform. With the recent boost in funding, can Noon catch up?