Though the details of the deal were not revealed, earlier Naspers had a 35.8% stake in Souq but the latest round forms part of Nasper’s broader strategy to build ecommerce businesses in developing countries around the world according to a Naspers spokesperson who spoke to WSJ.
Souq, says it aims to reach $1 billion in sales within the next two years and is banking on the clear e-commerce opportunity due to the increasing use of Internet, and mobile penetration. This new round will help the firm to improve its offerings and hire more people.
With investors such as New York-based hedge fund Tiger Global Management, Jabbar Internet Group, Souq has raised $150 million to date and belivies the ecommerce opportunity is enormous in the country and is expecting to see more deals come up as they continue to create value.
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