Dubai - Mubasher: Majid Al Futtaim Group, the Middle East operator of French retailer Carrefour, has announced an investment in the Saudi-based online grocery delivery startup Wadi Grocery, operated by Wadi Group.
This investment is part of a $30 million funding round that will boost Wadi Grocery’s growth, the UAE-based retail giant said in a statement.
Upon the agreement, Carrefour will be the long-term strategic partner of Wadi Grocery for supplying food and non-food groceries.
Moreover, customers will have access to over 12,000 products, to be delivered within a two-hour window on the online platform, according to the statement.
“Saudi Arabia is a strategically important market for Majid Al Futtaim, and we are constantly looking for ways to expand in the Kingdom and serve our growing client base beyond our existing stores,” CEO at Majid Al Futtaim Retail Hani Weiss said.
“Wadi Grocery provides a full ecosystem of enabling services including an in-house ‘last mile’ delivery network, and our investment in the platform will bring us closer to customers where we don’t have physical presence and fulfill their demand more efficiently,” he added.
Ankit Wadhwa, co-founder and managing director of Wadi, commented: “We believe that the two key drivers for success in the e-grocery market are a wide, price-competitive assortment and fast, reliable delivery.”
“With Carrefour we have the best partner to bring e-grocery to every household in the kingdom and beyond,” Wadhwa remarked.
Wadi Grocery currently operates in Riyadh, Jeddah, and Dammam, and is expected to extend and gradually to customers across the kingdom where Carrefour operates.
