5 November 2024, Tue |
12:07 PM
Same day delivery firm eyes GCC expansion will use funds to grow AI-driven logistics infrastructure.
Quiqup, the UAE-based on-demand, and same-day delivery tech start-up have raised over $5.5 million in a funding round led by Delivery Hero.
The company, which was also supported by Cedar Mundi, JOBI Capital, and Transmed, said it will use the capital to further expand its AI driven logistics infrastructure.
Iyad Kamal, logistics veteran and ex-COO at Aramex, also joins Quiqup as a strategic advisor and he said: “Quiqup is changing the game in the e-commerce and delivery space. They have a unique and transformative business model that is a game changer for the region. Same-day delivery is the next frontier in e-commerce logistics and Quiqup has what it takes to crack the model.”
Berlin-based food-delivery service Delivery Hero has agreed to buy InstaShop at a $360 million valuation to expand in the Middle East and North Africa.
Quiqup also reported that it is currently working with more than 800 brands, which have helped to double the size of its business in 2020.
Bassel El Koussa, co-founder and CEO of Quiqup said: “The pandemic has enabled us to turn challenges into opportunities. We managed to quickly expand by diversifying our portfolio to include new sectors such as pharmaceutical clients and also add more grocery businesses. These positive developments opened up a whole new universe of clients, which encouraged us to raise further investment.
“The power of our team has been another instrumental element to our success during the recent challenging times. Not only did we have the right technology and scalable system to cope with the intense spike of volumes, more importantly, we had a team with a deep sense of solidarity. As the crisis forced retailers to close and people to stay at home temporarily, our team dedicated time and efforts to serve a purpose to keep the community connected with critical medicines or food or fun trinkets that make people smile.
“Inspired by our success and the projected long-term trends of the space, we are now gearing up for a new phase of expansion to champion on-demand and same-day urban delivery across the GCC region.”
