PHOTO
Egypt-based quick commerce (q-commerce) platform Rabbit expects to invest $60 million in Saudi Arabia in the next two years following the granting of its licence to operate in the kingdom.
The company, which raised $11 million for its pre-seed funding round last year, said it will create 700 jobs in its operations in the kingdom.
Rabbit said it has delivered more than 100,000 items to customers in Egypt.
Ahmad Yousry, co-founder and CEO of Rabbit said: “Saudi Arabia has created one of the most progressive startup ecosystems globally thanks to the outstanding efforts by the government in recent years.
“This kind of opportunity and infrastructure come together to unlock limitless potential for innovative companies like Rabbit.”
Rabbit is a mobile app-based company which pledges to deliver “groceries and more” in 20 minutes using a dark store modwl. Its pre-seed funding round in November was the largest in the MENA region.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
