Retail giant Majid Al Futtaim announced recently, that they will invest up to 30 million dollars in the recent round of funding for Saudi web app platform Wadi.
Wadi focuses on grocery sales and delivery in the Kingdom of Saudi Arabia, and is currently available to consumers in 3 major cities – Riyadh, Jeddah and Dammam.
In May of 2018, Majid Al Futtaim opened a new regional distribution center for Carrefour in Dubai, and this recent announcement is accompanied by news that this investment is intended to be the catalyst for Wadi’s growth by including Carrefour in their product mix, which has agreed to the inclusion of nearly twelve thousand products in the Wadi application.
Wadi offers sales in major centers in Saudi Arabia, and aims to offer delivery service targets of only two hours within those markets, with planned expansion to other regions of the Kingdom in the near future.
Majid Al Futtaim CEO Hani Weiss speaks positively of the recent efforts, and the opportunities within Saudi Arabia, saying it is “a strategically important market” for the company, and that they “are constantly looking for ways to expand in the Kingdom, and to serve our growing client base beyond our existing stores”.
Weiss furthers his comments about recent investment, stating that “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 our customers where we don’t have physical presence, and to fulfill their demand more efficiently”.
Wadi is currently one of the largest grocery shopping apps in the region, and this recent investment is likely to provide them with enormous growth potential into the next year.