Latest news with #Egypt-based
Mint
21-05-2025
- Business
- Mint
Prosus to take PE style bets, India one of three focus areas: CEO Bloisi
Global investor Prosus NV, which has backed Swiggy, Rapido and Urban Company, plans to reorganize its business by focusing on three key regions including India, Fabricio Bloisi, its newly appointed chief executive officer (CEO) said. Prosus, earlier called Naspers, will focus on payments and food startups, Bloisi said in an interview, adding the investor will adopt a private equity-style model of investing in select companies, moving away from the venture capital model of investing in too many. 'India is a very important market for us at Prosus. It is, in fact, our second biggest focus area," said Bloisi, who plans to narrow Prosus's geographical focus to Latin America, Europe and India. 'We will invest many more billion dollars in India in the near future," he added. Prosus has so far invested $9 billion in India. A little over 10 months ago, Bloisi took over as CEO of Prosus, which had over $152.427 billion of assets in 2024. Earlier, he was chief executive and chairman of the group's Brazilian food delivery business, iFood. Under his leadership, iFood grew to be the leading food delivery business in Latin America, delivering over 100 million orders per month and is highly profitable. Also read: Mint Exclusive: JBL maker Harman to sell controlling stake in India unit Building businesses Prosus has pumped nearly $30 million into SaaS ride-hailing platform Rapido in February this year. Last year, it also made a $100 million investment Vastu Housing Finance and acquired a 10.65% stake in supply chain financing startup Mintifi. Globally, Prosus recently led a $15.7million funding round Egypt-based Thndr, an investment platform. It also led a $13.5 million investment round in Spanish AI company Luzia, a personal assistant app as well as a $4.3 million pre-Series A round in Zest Equity, a UAE-based digital infrastructure platform meant for simplifying private market transactions. According to Bloisi, the firm does not want to do many deals that are small and don't leverage its ecosystem. 'When we focus more and get a new company here in India, we think about how we can get Swiggy and PayU to help this company through data, cross-sell and cost reduction," Bloisi said. Bigger deals 'We plan on doing bigger deals in India, where we will be taking more than 5% stake in businesses. That's definitely our intention. We can go up to 15% to 20% to even 25% in these companies. We're also looking for many buyouts. We're talking to companies here, we want to do more in India and invest more," said Bloisi, who is in Bengaluru for the company's annual conference. Globally, the ball has been set rolling. Prosus has already made several acquisitions this year, including a $4.3 billion all-cash public offer to Just Eat Takeaway, a Dutch multinational online food ordering and delivery company. Also read: After Pebble, Mensa looks to sell its Renee stake The firm, which was an early investor in companies such as PayU, Swiggy, Rapido, Meesho, and Urban Company, is now going to increasingly focus on fintech and food delivery as verticals which will make up the foundation of its India strategy. Taking money off the table Prosus has previously clocked stellar exits from its investments in companies such as Flipkart, MakeMyTrip and Goibibo. After the mega public listing of food delivery startup Swiggy last year, Prosus is planning to exit via IPOs in Urban Company and Meesho over the next 12-18 months. The company is rallying behind AI and generative AI to help its businesses in India and other parts of the world grow, he said. For India, Prosus's ambitions are high. 'We don't have $50 billion worth of businesses outside of US and China today. We see such big businesses coming out of India going forward, and we want to help build those businesses," Bloisi said. '$50 billion and above' 'I'm not thinking about creating a $10 to $15 billion tech company in India. I'm thinking about how we can create a $50 billion strong Indian tech player," he added. This, he says, can be done by consolidating businesses here and doing so-called bolt-on acquisitions on existing portfolio companies. 'We can consolidate the market with the intention of continuing to invest many billions in India." Also read: Rebel Foods gets $25 mn from Qatar Investment Authority for restaurant expansion India has been a tough market for financial services investors given strict regulations on fintech companies. Asked whether over-regulation is a dampener, Bloisi said, 'In the payments business, there is almost a requirement that some of it has to be regulated. I think PayU weathered that well and went through the demands of the regulator, and today is well-positioned. That said, we have to avoid the chance that because we're over-regulating, companies choose to move much slower," said Bloisi. 'Some areas like credit need to be regulated, without which there can be constant cycles of a 'bubble, then a collapse," Bloisi added.
Zawya
20-05-2025
- Business
- Zawya
EFG Finance approves acquisition of Fatura by MaxAB-Wasoko
Strategic Partnership Solidifies E-Commerce & Supply Chain Platform, Unlocks New Value for Retailers, and Signals Bold Growth Across Africa Cairo, Egypt: EFG Finance, an EFG Holding company, proudly announces it has reached an agreement for MaxAB-Wasoko, the region's leading e-commerce and supply chain super app, to acquire Fatura, its Egypt-based B2B e-marketplace. This multifaceted partnership results in EFG Finance becoming a significant shareholder in MaxAB-Wasoko and securing a seat on its board. This acquisition marks a pivotal step in MaxAB's broader strategy to consolidate the B2B e-commerce and fintech space across Africa. Following last year's transformative merger with Wasoko, which expanded their footprint into Kenya, Rwanda, and Tanzania, MaxAB-Wasoko continues to execute on its vision to create a truly pan-African platform that delivers comprehensive, tech-enabled solutions tailored to local market needs. 'The acquisition of Fatura is more than a growth play; it's the realization of our ambition to become the go-to, one-stop-shop for retailers throughout Africa,' said Belal El-Megharbel, CEO of MaxAB-Wasoko. 'By bringing together operational strength, product depth, and innovative fintech offerings, we're setting a new standard for retail across the region.' With Fatura fully integrated into the MaxAB-Wasoko platform and unified under the company's brand, retailers will immediately benefit from a broader, more comprehensive product assortment, critical in a fragmented supply chain environment where no single distributor can meet all retailer needs. Fatura's impressive reach, having onboarded over 626 wholesalers in 16 cities (including five new cities for the platform, ensures greater flexibility and convenience for small and medium-sized retailers. Aladdin ElAfifi, CEO of EFG Finance, stated: 'We are thrilled to partner with MaxAB-Wasoko as they reshape the retail and supply chain sectors. Integrating Fatura will drive meaningful business growth, and our role as a significant shareholder and board member supported by EFG Holding reinforces our commitment to fostering innovation in the fintech space'. Additionally, MaxAB's embedded financial services will unlock expanded credit access for purchases made by its expanding merchant network. This innovative, tech-driven approach empowers retailers with the working capital needed to stock more, sell more, and grow their businesses sustainably. Fatura, founded in 2019 and acquired by Tanmeyah (an EFG Holding subsidiary) in 2022, brings a scalable, asset-light marketplace model that perfectly complements MaxAB's robust end-to-end supply chain from procurement to last-mile delivery. This combination unlocks access to a broader range of suppliers and products, delivering unmatched value through choice and convenience. The integration is expected to drive significant topline growth and operational efficiency over the next 12–18 months. In the near term, the Fatura marketplace is projected to contribute approximately 25% of MaxAB's Egypt revenue by year-end, with strong momentum and exponential growth anticipated as the model is rolled out across the company's other African markets. Since the merger of Wasoko and MaxAB, the combined entity has achieved remarkable growth across its fintech and e-commerce verticals. The company's fintech business has doubled in Egypt, expanded to Morocco, and now provides credit solutions that finance over 9% of e-commerce sales, underscoring strong demand from retailers for digital financial services. Operational enhancements and improved supplier terms have further strengthened the company's regional supply chain capabilities, setting the stage for scalable expansion. Together, MaxAB-Wasoko and EFG Finance are building the future of African retail an integrated, tech-enabled ecosystem that empowers retailers, improves supply chain efficiency, and propels economic growth across the continent. About EFG Holding EFG Holding (EGX: – LSE: EFGD) is a financial institution that boasts a remarkable 40-year legacy of success in seven countries spanning two continents. Operating within three distinct verticals — the Investment Bank (EFG Hermes), Non-Bank Financial Institutions (NBFI) (EFG Finance), and Commercial Bank (Bank NXT) — the company provides a comprehensive range of groundbreaking financial products and services tailored to meet the needs of a diverse clientele, including individual clients and businesses of all sizes. EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA), offers extensive financial services, encompassing advisory, asset management, securities brokerage, research, and private equity. In its domestic market, EFG Holding serves as a universal bank, with EFG Finance emerging as the fastest-growing NBFI platform, comprising Tanmeyah, a microfinance player, EFG Corp-Solutions, which provides leasing and factoring services, Valu, a universal financial technology powerhouse, Bedaya for mortgage finance, Kaf for insurance and EFG Finance SMEs which provides financial services for small and medium enterprises. Furthermore, the company delivers commercial banking solutions through Bank NXT, an integrated retail and corporate banking product provider in Egypt. Proudly present in: Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Bahrain | Kenya | Nigeria
Tahya Masr
20-05-2025
- Business
- Tahya Masr
EFG Finance Approves Acquisition of Fatura by MaxAB-Wasoko, Accelerating Pan-African B2B and Fintech Services Rollout and Ambitious Expansion
EFG Finance, an EFG Holding company, proudly announces it has reached an agreement for MaxAB-Wasoko, the region's leading e-commerce and supply chain super app, to acquire Fatura, its Egypt-based B2B e-marketplace. This multifaceted partnership results in EFG Finance becoming a significant shareholder in MaxAB-Wasoko and securing a seat on its board . This acquisition marks a pivotal step in MaxAB's broader strategy to consolidate the B2B e-commerce and fintech space across Africa. Following last year's transformative merger with Wasoko, which expanded their footprint into Kenya, Rwanda, and Tanzania, MaxAB-Wasoko continues to execute on its vision to create a truly pan-African platform that delivers comprehensive, tech-enabled solutions tailored to local market needs. 'The acquisition of Fatura is more than a growth play; it's the realization of our ambition to become the go-to, one-stop-shop for retailers throughout Africa,' said Belal El-Megharbel, CEO of MaxAB-Wasoko . 'By bringing together operational strength, product depth, and innovative fintech offerings, we're setting a new standard for retail across the region.' With Fatura fully integrated into the MaxAB-Wasoko platform and unified under the company's brand, retailers will immediately benefit from a broader, more comprehensive product assortment, critical in a fragmented supply chain environment where no single distributor can meet all retailer needs. Fatura's impressive reach, having onboarded over 626 wholesalers in 16 cities (including five new cities for the platform, ensures greater flexibility and convenience for small and medium-sized retailers . Aladdin ElAfifi, CEO of EFG Finance, stated: 'We are thrilled to partner with MaxAB-Wasoko as they reshape the retail and supply chain sectors. Integrating Fatura will drive meaningful business growth, and our role as a significant shareholder and board member supported by EFG Holding reinforces our commitment to fostering innovation in the fintech space'. Additionally, MaxAB's embedded financial services will unlock expanded credit access for purchases made by its expanding merchant network. This innovative, tech-driven approach empowers retailers with the working capital needed to stock more, sell more, and grow their businesses sustainably. Fatura, founded in 2019 and acquired by Tanmeyah (an EFG Holding subsidiary) in 2022, brings a scalable, asset-light marketplace model that perfectly complements MaxAB's robust end-to-end supply chain from procurement to last-mile delivery. This combination unlocks access to a broader range of suppliers and products, delivering unmatched value through choice and convenience. The integration is expected to drive significant topline growth and operational efficiency over the next 12–18 months. In the near term, the Fatura marketplace is projected to contribute approximately 25% of MaxAB's Egypt revenue by year-end, with strong momentum and exponential growth anticipated as the model is rolled out across the company's other African markets . Since the merger of Wasoko and MaxAB, the combined entity has achieved remarkable growth across its fintech and e-commerce verticals. The company's fintech business has doubled in Egypt, expanded to Morocco, and now provides credit solutions that finance over 9% of e-commerce sales, underscoring strong demand from retailers for digital financial services. Operational enhancements and improved supplier terms have further strengthened the company's regional supply chain capabilities, setting the stage for scalable expansion. Together, MaxAB-Wasoko and EFG Finance are building the future of African retail an integrated, tech-enabled ecosystem that empowers retailers, improves supply chain efficiency, and propels economic growth across the continent.
El Fagr
19-05-2025
- Business
- El Fagr
EFG Finance Approves Acquisition of Fatura by MaxAB-Wasoko، Accelerating Pan-African B2B and Fintech Services Rollout and Ambitious Expansion
EFG Finance Approves Acquisition of Fatura by MaxAB-Wasoko، Accelerating Pan-African B2B and Fintech Services Rollout and Ambitious Expansion Strategic Partnership Solidifies E-Commerce & Supply Chain Platform، Unlocks New Value for Retailers، and Signals Bold Growth Across Africa Cairo، Egypt – May 19، 2025 EFG Finance، an EFG Holding company، proudly announces it has reached an agreement for MaxAB-Wasoko، the region's leading e-commerce and supply chain super app، to acquire Fatura، its Egypt-based B2B e-marketplace. This multifaceted partnership results in EFG Finance becoming a significant shareholder in MaxAB-Wasoko and securing a seat on its board. This acquisition marks a pivotal step in MaxAB's broader strategy to consolidate the B2B e-commerce and fintech space across Africa. Following last year's transformative merger with Wasoko، which expanded their footprint into Kenya، Rwanda، and Tanzania، MaxAB-Wasoko continues to execute on its vision to create a truly pan-African platform that delivers comprehensive، tech-enabled solutions tailored to local market needs. 'The acquisition of Fatura is more than a growth play; it's the realization of our ambition to become the go-to، one-stop-shop for retailers throughout Africa،' said Belal El-Megharbel، CEO of MaxAB-Wasoko. 'By bringing together operational strength، product depth، and innovative fintech offerings، we're setting a new standard for retail across the region.' With Fatura fully integrated into the MaxAB-Wasoko platform and unified under the company's brand، retailers will immediately benefit from a broader، more comprehensive product assortment، critical in a fragmented supply chain environment where no single distributor can meet all retailer needs. Fatura's impressive reach، having onboarded over 626 wholesalers in 16 cities (including five new cities for the platform، ensures greater flexibility and convenience for small and medium-sized retailers. Aladdin ElAfifi، CEO of EFG Finance، stated: 'We are thrilled to partner with MaxAB-Wasoko as they reshape the retail and supply chain sectors. Integrating Fatura will drive meaningful business growth، and our role as a significant shareholder and board member supported by EFG Holding reinforces our commitment to fostering innovation in the fintech space'. Additionally، MaxAB's embedded financial services will unlock expanded credit access for purchases made by its expanding merchant network. This innovative، tech-driven approach empowers retailers with the working capital needed to stock more، sell more، and grow their businesses sustainably. Fatura، founded in 2019 and acquired by Tanmeyah (an EFG Holding subsidiary) in 2022، brings a scalable، asset-light marketplace model that perfectly complements MaxAB's robust end-to-end supply chain from procurement to last-mile delivery. This combination unlocks access to a broader range of suppliers and products، delivering unmatched value through choice and convenience. The integration is expected to drive significant topline growth and operational efficiency over the next 12–18 months. In the near term، the Fatura marketplace is projected to contribute approximately 25% of MaxAB's Egypt revenue by year-end، with strong momentum and exponential growth anticipated as the model is rolled out across the company's other African markets. Since the merger of Wasoko and MaxAB، the combined entity has achieved remarkable growth across its fintech and e-commerce verticals. The company's fintech business has doubled in Egypt، expanded to Morocco، and now provides credit solutions that finance over 9% of e-commerce sales، underscoring strong demand from retailers for digital financial services. Operational enhancements and improved supplier terms have further strengthened the company's regional supply chain capabilities، setting the stage for scalable expansion. Together، MaxAB-Wasoko and EFG Finance are building the future of African retail an integrated، tech-enabled ecosystem that empowers retailers، improves supply chain efficiency، and propels economic growth across the continent.
CairoScene
18-05-2025
- Business
- CairoScene
El Gouna's Villa Coconut Is Now Open In Dubai
The expansion follows TLT Concepts' 2024 international debut with The Lemon Tree & Co. in Athens, Greece. May 18, 2025 Villa Coconut, a hospitality brand by Egypt-based TLT Concepts, has launched its first international location in Dubai, marking the company's UAE debut. Situated in Gate Avenue at Dubai International Financial Centre (DIFC), the new venue held its soft opening in mid-May 2025. The Dubai outpost builds on the original Villa Coconut, first opened in El Gouna, Egypt, known for its Mediterranean cuisine and relaxed coastal aesthetic. The expansion follows TLT Concepts' 2024 international debut with The Lemon Tree & Co. in Athens, Greece. The Dubai location features a Mediterranean-inspired menu led by Mirette Aly, Co-Founder and Chief Hospitality Officer of TLT Concepts, in collaboration with Greek chefs Michalis Nourloglou and Panos Zokos. New dishes exclusive to the DIFC venue have been introduced. Designed by Alchemy Architecture Studio and TLT Concepts' in-house team, the space includes high ceilings, a curved marble bar, and a mix of natural materials. Villa Coconut DIFC offers live entertainment, DJ sets, and a private speakeasy called The Lava Room, which accommodates up to 40 guests. Founded in 2014 by Ahmed Hanafi and Mirette Aly, TLT Concepts is known for The Lemon Tree & Co., and a portfolio of restaurants, bars, beach clubs, and retail concepts across Egypt and Greece.
