Yallahub, a popular Dubai-based marketplace aggregator, has successfully raised $6 million in funding to support its expansion into the lucrative markets of Qatar and Saudi Arabia.
The company operates in the B2B e-commerce sector, providing brands with a convenient “single-window service” to expand their presence across the GCC region and achieve global omni-channel sales.
Both Saudi Arabia and Qatar have emerged as attractive opportunities for Yallahub, driven by their rapid growth in the fintech sector, economic stability, young and tech-savvy populations, and impressive internet penetration rates, reaching as high as 99%. Qatar, in particular, boasts a staggering 99% internet penetration rate, with only 1% of its population remaining offline at the beginning of 2023. The country also ranks among the highest in the world for social media usage, with 96.8% of its population being active social media users.
The latest funding round was jointly led by private investors, entrepreneurs, and syndicates with a focus on the region. Notable participants include Fedor Ovchinnikov, the founder of Dodo Brands, and Regolith, a platform for financial and investment instruments, among others.
The secured funds will be utilized to further enhance YallaHub’s IT platform for order aggregation and to expand its network of partner marketplaces.
YallaHub has already made significant strides in the United Arab Emirates market, introducing over 80 small, medium, and enterprise brands. As a marketplace aggregator, it offers its customers a seamless entry point into the GCC market, facilitating omnichannel sales through various platforms, including aggregators and marketplaces like Noon, Careem, Amazon, Deliveroo, and e-commerce platforms.
CEO and co-founder of YallaHub, Leo Dovbenko, expressed the company’s mission of empowering entrepreneurs to thrive in the GCC e-commerce scene, while aiming to provide reliable and convenient delivery services within 90 minutes.
In the coming year, YallaHub plans to broaden its presence in the Qatari and Saudi markets, targeting over 100 new brands and projecting an impressive annual recurring revenue (ARR) of $10 million. Additionally, the company has strategic plans to extend its operations into the remaining three GCC countries, namely Oman, Kuwait, and Bahrain.
With the latest funding boost and its expansion plans, YallaHub is poised to solidify its position as a prominent player in the region’s e-commerce landscape, catering to the growing demands of consumers and businesses alike.