Latest news with #MiddleEast-based
Campaign ME
6 days ago
- Business
- Campaign ME
M+C Saatchi Middle East acquires DUNE
M+C Saatchi Sport & Entertainment has announced its strategic acquisition of leading Middle East-based marketing, communication and commercial experts DUNE | 23. The acquisition aims to mark a significant leap in M+C Saatchi Middle East's growth journey. Adding to its capability suites in the region, which spans marketing and communications, media and sponsorships, talent management, PR, social media, consultancy and production, the integration of DUNE | 23 aims to further strengthen its sport and entertainment offering. 'This acquisition is a pivotal step in advancing our regional growth trajectory and strengthening our leadership in a space where brand and culture converge,' said Scott Feasey, CEO, M+C Saatchi Middle East. 'DUNE | 23 brings specialist expertise, a proven track record, and a team uniquely attuned to creating lasting impact through passion and fandom,' he added. 'By integrating their capabilities and insight into our ecosystem, we're scaling our ability to lead in one of the world's most dynamic and fast-growing markets for sport and entertainment.' Jamie Hosie and Lloyd McMillan co-founded DUNE | 23 in 2023. Today, a team of more than 40 specialists powers the agency, delivering end-to-end marketing solutions. The agency's client portfolio includes Emirates Dubai 7s, Mubadala Abu Dhabi Open, LIWA Festival, SailGP, Zeekr, All Things Live Middle East, Dubai Watch Week, Longines Global Champions Tour, Nada Dairy, BRED by Hypebeast, and more within the world of sport and entertainment.
Economic Times
6 days ago
- Business
- Economic Times
Citykart's big haul; A new AI race
Happy Tuesday! Value fashion retailer Citykart has raised fresh funds to fuel its expansion plans. This and more in today's ETtech Morning Dispatch. Also in the letter: ■ Flipkart's growth charge ■ Earnings corner■ Agentic AI in BFSI TPG NewQuest, A91 back Citykart in Rs 538 crore round at Rs 1,400 crore valuation Sudhanshu Agarwal, founder, Citykart Citykart, a value retail chain serving middle- and lower-income consumers in smaller Indian cities, has raised Rs 538 crore in a funding round led by TPG NewQuest and A91 Partners. The mix of primary and secondary transactions pegs the company's valuation at around Rs 1,400 crore, people familiar with the matter told us. Deal details: Rs 120 crore in fresh capital will fund expansion beyond Citykart's core markets of Uttar Pradesh and Bihar. Rs 418 crore was raised via secondary share sales. Middle East-based alternative asset manager Investcorp has exited fully, clocking a 4x return on its 2019 investment. Another early backer, India SME Investments, has pared its stake by half. About the company: Citykart operates 137 stores across tier-II and tier-III cities, with plans to add 40–50 outlets annually in states like Rajasthan, Odisha, Assam, and Jharkhand. Revenues have grown by nearly 70% over the last two financial years to over Rs 900 crore in FY25. Founder and MD Sudhanshu Agarwal said the company expects to cross Rs 1,300 crore in revenue in FY26, and noted that Citykart has remained consistently profitable for the last five years. Context setting: Citykart plays in the mass-market apparel segment alongside listed firms such as VMart and private players like Vishal Mega Mart and Style Baazar. The fresh round underscores growing investor appetite for affordable fashion targeting India's non-metro consumers. By comparison: VMart, a listed peer, is valued at Rs 5,500–6,000 crore and has an annual revenue of Rs 2,300 crore (around 2.5x sales). Vishal Mega Mart, backed by Partners Group and Kedaara Capital, was last valued at nearly $1.3–1.5 billion (Rs 10,000–12,000 crore) with revenue exceeding Rs 7,000 crore. Style Baazar, a regional player, has a comparable store count but a smaller scale and revenues of around Rs 500-600 crore. Post-deal, TPG NewQuest has emerged as Citykart's largest institutional investor, followed by A91 Partners and India SME. Pet food brand Drools turns unicorn after Nestlé SA picks up minority stake Homegrown pet food brand Drools turned unicorn after Swiss packaged food giant Nestlé SA acquired a minority stake for an undisclosed amount. Hot cake: This is Drools' second major raise after LVMH-backed private equity firm L Catterton invested $60 million in June 2023 at a valuation of $600 million. The transaction underscores rising investor interest in India's $3.5 billion pet care market, with players like Godrej and Emami planning a foray. Slikk raises $10 million: Bengaluru-based 60-minute fashion delivery startup Slikk has raised $10 million in a funding round led by Nexus Venture Partners. Operation Coding war, thanks AI A fresh front has opened in the AI wars, as global tech giants and nimble startups race to dominate the future of software development. What's happening: Google has unveiled its coding agent Jules. Microsoft has launched its GitHub AI agent. OpenAI has rolled out Codex and acquired Windsurf to bolster its arsenal. Rapid adoption: Google and Microsoft say AI now writes around 30% of their code. At InMobi, founder Naveen Tewari claims the figure is already 50%. The AI coding tool market is projected to reach $12.6 billion by 2028, growing at a CAGR of 28%, according to market intelligence firm MarketsandMarkets. The draw? A compelling mix of higher productivity, intuitive interfaces, and strong value-for-money. Challenges: But, as AI writes more code, teams are left reviewing more of it. Several founders we spoke to said they've automated large parts of the review process to avoid any customer-facing fallout. Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees. The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Interested? Reach out to us at spotlightpartner@ to explore sponsorship opportunities. Flipkart reports up to 25% growth amid ecommerce slowdown Kalyan Krishnamurthy, group CEO, Flipkart Flipkart group CEO Kalyan Krishnamurthy outlined the company's growth trajectory and IPO plans at an internal town hall on Monday. What's new: Krishnamurthy told employees that Flipkart is seeing 20–25% year-on-year growth in orders across its platforms in May, with expectations of hitting 30% growth in June, defying a broader slowdown in the ecommerce sector. Why it matters: The update comes as Flipkart prepares to shift its domicile from Singapore to India, aligning with domestic regulations ahead of a planned IPO in 2026. By the numbers: Zoom out: Krishnamurthy and top executives Ramesh Gururaja, Hemant Badri, and Seema Nair used the town hall to lay out priorities across supply chain, customer experience, and group is also focusing on Gen Z consumers through fashion, travel, and Shopsy, its value platform competing with Meesho and Amazon Bazaar. FirstCry's Q4 loss widens to Rs 111 crore; full-year Ebitda improves Supam Maheshwari, CEO, FirstCry Brainbees Solutions, which operates omnichannel baby products retailer FirstCry, reported a consolidated net loss of Rs 111 crore in Q4 FY25, widening from Rs 43 crore in the year-ago period and Rs 15 crore in the previous quarter. Operating revenue stood at Rs 1,930 crore, up 16% year-on-year but down 11% sequentially. Nazara Technologies Q4 revenue nearly doubles; net profit rises to Rs 4 crore Nitish Mittersain, CEO, Nazara Technologies Online gaming firm Nazara Technologies posted a strong growth in the fourth quarter of FY25. The firm reported a 95% rise in operating revenue to Rs 520 crore, while net profit surged to Rs 4 crore from Rs 18 lakh in the year-ago period. Awfis net profit rises nine-fold in Q4, revenue up 46% Sumit Lakhani, CEO, Awfis Office space solutions provider Awfis recorded a 46% rise in operating revenue to Rs 339 crore for the March quarter, fueled by greater enterprise contributions, allied services, and better efficiency. Net profit rose ninefold to Rs 11.3 crore. Other Top Stories By Our Reporters (L-R) Harsh Jain, Neeraj Singh, Lalit Keshre and Ishan Bansal, cofounders, Groww Groww files draft papers for IPO, eyes $700 million to $1 billion listing: Online investment platform Groww has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) to launch an initial public offering (IPO), according to a public notice on May 25. Financial services players use agentic AI to automate workflows: The BFSI sector, including players like HDFC Bank, State Bank of India (SBI), and Wells Fargo, is planning to leverage agentic AI to automate workflows intelligently. Global Picks We Are Reading ■ How I shorted $TRUMP coin (and got to have dinner with the President) (The Verge) ■ Here are the nuclear fission startups backed by Big Tech (TechCrunch) ■ The real cost of AI is being paid in deserts far from Silicon Valley (Rest of World) Updated On May 27, 2025, 07:23 AM IST
Time of India
6 days ago
- Business
- Time of India
Citykart's big haul; A new AI race
Next Citykart's big haul; A new AI race Want this newsletter delivered to your inbox? Also in the letter: TPG NewQuest, A91 back Citykart in Rs 538 crore round at Rs 1,400 crore valuation Deal details: Rs 120 crore in fresh capital will fund expansion beyond Citykart's core markets of Uttar Pradesh and Bihar. Rs 418 crore was raised via secondary share sales. Middle East-based alternative asset manager Investcorp has exited fully, clocking a 4x return on its 2019 investment. Another early backer, India SME Investments, has pared its stake by half. About the company: Revenues have grown by nearly 70% over the last two financial years to over Rs 900 crore in FY25. Founder and MD Sudhanshu Agarwal said the company expects to cross Rs 1,300 crore in revenue in FY26, and noted that Citykart has remained consistently profitable for the last five years. Context setting: By comparison: VMart, a listed peer, is valued at Rs 5,500–6,000 crore and has an annual revenue of Rs 2,300 crore (around 2.5x sales). Vishal Mega Mart, backed by Partners Group and Kedaara Capital, was last valued at nearly $1.3–1.5 billion (Rs 10,000–12,000 crore) with revenue exceeding Rs 7,000 crore. Style Baazar, a regional player, has a comparable store count but a smaller scale and revenues of around Rs 500-600 crore. Pet food brand Drools turns unicorn after Nestlé SA picks up minority stake Hot cake: Slikk Club raises $10 million: Operation Coding war, thanks AI What's happening: Google has unveiled its coding agent Jules. Microsoft has launched its GitHub AI agent. OpenAI has rolled out Codex and acquired Windsurf to bolster its arsenal. Rapid adoption: The draw? Challenges: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Flipkart reports up to 25% growth amid ecommerce slowdown What's new: Why it matters: By the numbers: India's ecommerce market growth slowed to 10–12% in 2024, per Bain & Company. Myntra accounted for 40% of the group's new customers and turned profitable in FY24. Flipkart Minutes is targeting 800 dark stores by end-2025 and is doubling daily order volumes roughly every 45 days. Zoom out: FirstCry's Q4 loss widens to Rs 111 crore; full-year Ebitda improves Nazara Technologies Q4 revenue nearly doubles; net profit rises to Rs 4 crore Awfis net profit rises nine-fold in Q4, revenue up 46% Other Top Stories By Our Reporters Groww files draft papers for IPO, eyes $700 million to $1 billion listing: Financial services players use agentic AI to automate workflows: Global Picks We Are Reading Happy Tuesday! Value fashion retailer Citykart has raised fresh funds to fuel its expansion plans. This and more in today's ETtech Morning Dispatch.■ Flipkart's growth charge■ Earnings corner■ Agentic AI in BFSISudhanshu Agarwal, founder, CitykartCitykart, a value retail chain serving middle- and lower-income consumers in smaller Indian cities, has raised Rs 538 crore in a funding round led by TPG NewQuest and A91 Partners. The mix of primary and secondary transactions pegs the company's valuation at around Rs 1,400 crore, people familiar with the matter told operates 137 stores across tier-II and tier-III cities, with plans to add 40–50 outlets annually in states like Rajasthan, Odisha, Assam, and plays in the mass-market apparel segment alongside listed firms such as VMart and private players like Vishal Mega Mart and Style Baazar. The fresh round underscores growing investor appetite for affordable fashion targeting India's non-metro TPG NewQuest has emerged as Citykart's largest institutional investor, followed by A91 Partners and India pet food brand Drools turned unicorn after Swiss packaged food giant Nestlé SA acquired a minority stake for an undisclosed is Drools' second major raise after LVMH-backed private equity firm L Catterton invested $60 million in June 2023 at a valuation of $600 million. The transaction underscores rising investor interest in India's $3.5 billion pet care market, with players like Godrej and Emami planning a 60-minute fashion delivery startup Slikk Club has raised $10 million in a funding round led by Nexus Venture Partners. fresh front has opened in the AI wars , as global tech giants and nimble startups race to dominate the future of software and Microsoft say AI now writes around 30% of their code. At InMobi, founder Naveen Tewari claims the figure is already 50%. The AI coding tool market is projected to reach $12.6 billion by 2028, growing at a CAGR of 28%, according to market intelligence firm MarketsandMarkets.A compelling mix of higher productivity, intuitive interfaces, and strong as AI writes more code, teams are left reviewing more of it. Several founders we spoke to said they've automated large parts of the review process to avoid any customer-facing Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship Krishnamurthy, group CEO, FlipkartFlipkart group CEO Kalyan Krishnamurthy outlined the company's growth trajectory and IPO plans at an internal town hall on told employees that Flipkart is seeing 20–25% year-on-year growth in orders across its platforms in May, with expectations of hitting 30% growth in June, defying a broader slowdown in the ecommerce update comes as Flipkart prepares to shift its domicile from Singapore to India , aligning with domestic regulations ahead of a planned IPO in and top executives Ramesh Gururaja, Hemant Badri, and Seema Nair used the town hall to lay out priorities across supply chain, customer experience, and group is also focusing on Gen Z consumers through fashion, travel, and Shopsy, its value platform competing with Meesho and Amazon Maheshwari, CEO, FirstCryBrainbees Solutions, which operates omnichannel baby products retailer FirstCry, reported a consolidated net loss of Rs 111 crore in Q4 FY25, widening from Rs 43 crore in the year-ago period and Rs 15 crore in the previous quarter. Operating revenue stood at Rs 1,930 crore, up 16% year-on-year but down 11% Mittersain, CEO, Nazara TechnologiesOnline gaming firm Nazara Technologies posted a strong growth in the fourth quarter of FY25. The firm reported a 95% rise in operating revenue to Rs 520 crore, while net profit surged to Rs 4 crore from Rs 18 lakh in the year-ago Lakhani, CEO, AwfisOffice space solutions provider Awfis recorded a 46% rise in operating revenue to Rs 339 crore for the March quarter, fueled by greater enterprise contributions, allied services, and better efficiency. Net profit rose ninefold to Rs 11.3 crore.(L-R) Harsh Jain, Neeraj Singh, Lalit Keshre and Ishan Bansal, cofounders, GrowwOnline investment platform Groww has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) to launch an initial public offering (IPO), according to a public notice on May BFSI sector, including players like HDFC Bank, State Bank of India (SBI), and Wells Fargo, is planning to leverage agentic AI to automate workflows intelligently.■ How I shorted $TRUMP coin (and got to have dinner with the President) ( The Verge ■ Here are the nuclear fission startups backed by Big Tech ( TechCrunch ■ The real cost of AI is being paid in deserts far from Silicon Valley ( Rest of World
Al Etihad
25-05-2025
- Business
- Al Etihad
UAE retail set to reach $162b by 2028, leads GCC in e-commerce: Report
25 May 2025 23:10 KHALED AL KHAWALDEH (ABU DHABI) The UAE's retail market is forecast to reach $162 billion by 2028, growing at an average annual rate of over 5% from $127.2 billion in 2023, according to a new report by Logic Consulting. According to the Middle East-based group, the UAE leads the region in innovation, digitalisation, and sophisticated e-commerce offerings, despite having a smaller market than neighbouring Saudi Arabia. Titled "Revolutionising Retail: Unveiling GCC's Five-Year Transformation", the study positions the UAE as the most digitally advanced retail market in the GCC.E-commerce sales, which reached $3.9 billion in 2020, growing more than 50% year on year, are expected to become increasingly dominant. According to Logic, this is reflected in consumer preference, with 69% of UAE shoppers saying their loyalty increased for brands that allowed them to shop online and return-in-store. "As GCC nations continue to transition away from oil dependency, retail has become a key enabler for fostering domestic consumption, attracting private investment, and catalysing the development of adjacent industries, including logistics, real estate, technology, and tourism," the report said. The report outlines how major UAE-based retailers are leading the charge, using big data and AI to forecast demand, reduce waste, and personalise consumer journeys. Innovations such as click-and-collect, virtual fitting rooms, and loyalty-integrated apps are becoming the includes success stories from the likes of Majid Al Futtaim, Lulu Hypermarkets, and Noon – with many offering expanded services, same-day delivery, and increasingly competitive ways to shop, and receive items on demand. Moreover, the report details the rising appetite for luxury items and notes the UAE's leading role as a luxury hub in the region. According to Logic, approximately 70% of consumers in the GCC report increased spending on luxury items. "The UAE hosts a substantial number of high-net-worth individuals and millennials who drive the demand for luxury goods and immersive shopping experiences. This cohort values exclusivity, personalised services, and innovative retail environments," the report said. "'Phygital' experiences cater to their desire for interactive and seamless shopping journeys. For instance, luxury brands in the region are adopting augmented reality (AR) and virtual reality (VR) to enhance customer engagement and provide unique in-store experiences." Despite rapid changes in the retail landscape, traditional neighbourhood shops – namely the 10,000 or so Baqalas on street corners – remain dominant in the UAE's grocery retail sector. A Kantar Worldpanel study cited by Logic shows that these stores continue to make up 60% of shopper traffic.
The Sun
25-05-2025
- Business
- The Sun
Carta Receives Financial Services Permission from ADGM's Financial Services Regulatory Authority, Unlocking New Phase of Growth in MENA's Venture Capital and Private Equity Ecosystem
RIYADH, SAUDI ARABIA - Media OutReach Newswire - 23 May 2025 - Carta, the software platform purpose-built for private capital, today announced its Financial Services Permission (FSP) from ADGM's Financial Services Authority (FSRA), unlocking a new phase of growth in Middle East and North Africa (MENA). This milestone significantly advances Carta's global mission to make private markets more accessible, transparent, and equitable. As the world's largest fund administrator for venture capital, Carta will support the private market ecosystem in the MENA region with its end-to-end software platform for fund operations, in addition to its equity management solutions for companies (including startups). Abu Dhabi, renowned as the 'capital of capital,' has shown exceptional growth in the financial services sector. Carta's expansion comes as the UAE establishes itself as a key player in the Middle East, constituting 40% of all funding rounds in the region—a 9% year-on-year increase—according to industry reports. In 2024, assets under management (AUM) within ADGM grew by 245%, with 134 fund and asset managers operating 166 funds by the end of 2024. Carta has strategically chosen ADGM as the location for its new Middle Eastern office, strengthening the company's commitment to aligning with regions that demonstrate significant market potential and robust economic policies. Located at Hub71 WeWork, in the heart of the financial district, Carta's new office serves as a strategic base for expanding sales and marketing efforts in the MENA region, a region the company sees as highly promising. 'The Middle East is the perfect place for Carta expansion,' said Bhavik Vashi, Managing Director of Carta APAC & MENA. 'The regulatory framework in ADGM is one of the most progressive we've seen globally—exactly the type of environment needed to fuel the private markets, which is why we have made a big bet here.' Over the past few years, Carta has been working closely with government regulators and is confident that its comprehensive suite of services—such as quarterly reporting, compliance services, and tax and audit readiness—will effectively address the needs of the local community. Arvind Ramamurthy, Chief of Market Development Officer at ADGM said; 'We congratulate Carta on receiving their FSP from ADGM. We are thrilled to welcome them to ADGM's dynamic ecosystem, where innovation, growth, and opportunity thrive. Your presence enriches Abu Dhabi's financial landscape, and we look forward to supporting your success in this vibrant and forward-thinking community.' Carta currently supports a number of prominent regional customers, including Global Ventures, BECO Capital, Cotu Ventures, Outliers VC, Dubai Future District Fund, and Middle East-based unicorns Foodics and Kitopi. With ADGM license approval, Carta will continue to collaborate with the local VC & PE ecosystem to further enhance the company's service offerings and deliver greater value for the Middle East's growing private markets.
