Souq.com was the largest
e-commerce
E-commerce (electronic commerce) is the activity of electronically buying or selling of products on online services or over the Internet. E-commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain managem ...
platform in the
Arab world
The Arab world ( ar, اَلْعَالَمُ الْعَرَبِيُّ '), formally the Arab homeland ( '), also known as the Arab nation ( '), the Arabsphere, or the Arab states, refers to a vast group of countries, mainly located in Western A ...
. The company launched in 2005 in
Dubai
Dubai (, ; ar, دبي, translit=Dubayy, , ) is the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, the most populated of the 7 emirates of the United Arab Emirates.The Government and Politics of ...
,
United Arab Emirates
The United Arab Emirates (UAE; ar, اَلْإِمَارَات الْعَرَبِيَة الْمُتَحِدَة ), or simply the Emirates ( ar, الِْإمَارَات ), is a country in Western Asia ( The Middle East). It is located at t ...
. On March 28, 2017, Amazon.com Inc. acquired Souq.com for $580 million as a subsidiary.
On May 1, 2019, Souq.com UAE became known as Amazon.ae, while on June 17, 2020, Souq.com KSA became known as Amazon.sa. Lastly, on September 1 2021, Souq.com Egypt became known as Amazon.eg and officially marking the end of Souq.com, however some blog posts, pages, and the Sign In/Log In Page
have not been changed to
Amazon
Amazon most often refers to:
* Amazons, a tribe of female warriors in Greek mythology
* Amazon rainforest, a rainforest covering most of the Amazon basin
* Amazon River, in South America
* Amazon (company), an American multinational technolog ...
so they are the last remaining pages of Souq.com.
History
The website was founded in 2005
[ by Ronaldo Mouchawar and was originally a consumer to consumer auction site part of Maktoob Group.]eBay
eBay Inc. ( ) is an American multinational e-commerce company based in San Jose, California, that facilitates consumer-to-consumer and business-to-consumer sales through its website. eBay was founded by Pierre Omidyar in 1995 and became ...
as Chief Technology Officer and led the transformation of the business from auctions to a fixed price catalog based business similar to Amazon.com
Amazon.com, Inc. ( ) is an American multinational technology company focusing on e-commerce, cloud computing, online advertising, digital streaming, and artificial intelligence. It has been referred to as "one of the most influential econo ...
.[ In late 2012 Asif Keshodia joined as CFO on the heel of Souq's first major funding round led by Cape Town, South Africa-based ]Naspers
Naspers Limited is a South African multinational internet, technology and multimedia holding company headquartered in Cape Town, with interests in online retail, publishing and venture capital investment. Naspers' principal shareholder is its ...
and NYC hedge fund Tiger Global Management
Tiger Global Management, LLC (often referred to as Tiger Global and formerly known as Tiger Technology) is an American investment firm. It mainly focuses on Internet, software, consumer, and financial technology industries.
Background and histo ...
.[ bringing to $150 million the total Souq.com raised since its inception, the largest amount raised by any internet-based business in the ]Middle East
The Middle East ( ar, الشرق الأوسط, ISO 233: ) is a geopolitical region commonly encompassing Arabia (including the Arabian Peninsula and Bahrain), Asia Minor (Asian part of Turkey except Hatay Province), East Thrace (Europ ...
.Dubai
Dubai (, ; ar, دبي, translit=Dubayy, , ) is the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, the most populated of the 7 emirates of the United Arab Emirates.The Government and Politics of ...
.[ In October 2015, it was reported that in a round of fundraising, the company was valued at around $1 billion. At the time, it had around 10 million visitors monthly in the 2nd place after Digikala by 51 million visitors monthly.][ On March 28, 2017, Amazon.com Inc. confirmed it would be acquiring Souq.com for an unknown value.][ A source told '']The Wall Street Journal
''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...
'' the deal was worth around $700 million, Financial Times
The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Ni ...
'' reported that the deal was "understood to be worth more than $650m".BBC #REDIRECT BBC #REDIRECT BBC
Here i going to introduce about the best teacher of my life b BALAJI sir. He is the precious gift that I got befor 2yrs . How has helped and thought all the concept and made my success in the 10th board exam. ...
...
also reported that Amazon might be paying about $650 million.