The deal will see the Egyptian outfit expand into Tunisia, as well as Morocco and West Africa.
Egyptian q-commerce startup, Appetito, has acquitted Tunisian counterpart, Lamma, in a deal that will see the Cairo-based outfit expand their operations in the neighbouring North African country, as well as Tunisia and West Africa.
Founded in March 2020 by Shehab Mokhtar, Appetito operates a dark store model, with products sourced directly from manufacturers, before being stored in fulfilment centres across the country and delivered directly to customers. The startup offers an extensive range of private label products to all areas of Cairo, Giza and Alexandria with pre-scheduled and next-day delivery.
Lamma offers a similar q-commerce service and was co-founded in 2021 by Yassir El Ismaili El Idrissi, serial entrepreneur and former GM at Careem, who will join Appetito as a Chief Expansion & Growth Officer.
“Lamma & Appetito are a perfect match. We share a common vision, business & operating models. But above all, we share similar values,” said El Idrissi. “As entrepreneurs, joining forces to create the regional champion makes perfect sense. From our three countries, we now have a fantastic platform to expand into new African markets.”
“This acquisition will allow significant synergies between the two companies, starting with a strong and common tech platform,” said Appetito Chief Operating Officer Ahmed Eldemerdash. “Both companies have been extremely efficient with our capital deployment, having covered three markets, all while achieving double-digit margins, and keeping cash burn under control.”
The acquisition comes as the latest in a string of M&A deals in the region, which have included 15 exits by MENA-based startups. Highlight deals include US healthtech, Astute Imaging, acquiring Egypt’s DilenyTech; fellow American firm Jumpcloud’s acquisition of Lebanese security specialist Myki; and Canadian firm, Magnet Forensics’ acquisition of Dubai-based cybersecurity company, Comae.