This latest funding brings the total raised by Souq to $425 million. Tiger Global and Naspers were participants. Both have also invested in Flipkart in India.
Souq says the funding is the largest-ever round raised in the e-commerce category in the Middle East. It comes from previous investors Tiger Global and Naspers, as well as some strategic investors, including Standard Chartered Private Equity, IFC (a member of the World Bank Group), Baillie Gifford, and “many reputable regional and tech-focused financial institutions.” This latest funding brings the total raised by Souq to $425 million. Tiger Global and Naspers are prolific investors in the emerging world, with a focus on e-commerce in their wider portfolios. Both Naspers and Tiger invest in Flipkart in India, for example.