The acquisition will allow Sary to expand its footprint across the MENA region.
Saudi B2B e-commerce firm, Sary, is expanding its reach across the MENA region by acquiring Egyptian counterpart Mowarrid. With a focus on BRB food and grocery markets, Sary looks to expand its portfolio of 40,000 businesses in 15 cities across Saudi Arabia with a reach of over 350,000 customers by absorbing Mowarrid, which enables 10,000 retailers to procure over 1,000 products.
“Egypt is a strategic market for us and has a huge synergy with the Saudi and GCC markets," Mohammed AlDossary, co-founder and CEO of Sary, says. "The industry has witnessed significant growth in the past years with very strong digitisation in the wholesale and retail trade industry which accounted for around 15 percent of Egypt’s GDP.”
This acquisition was made possible after Sary closed its Series C round in December, raising its total funds to $112 million in order to enable its long-term expansion. This move into the Egyptian market is considered a solid start to Sary's expansion roadmap, as it gives them access to some of the largest economies in the MENA region.