Souq.com secures $75m investment

Dubai-based Souq.com has secured $75 million in funding from South African e-commerce firm Naspers, the UAE online retailer said on Tuesday.

The latest investment by Naspers, which held a 36 percent stake in Souq.com as of November 2013, brings the total money the Dubai firm has raised to $150 million.

Souq.com will use the new funds to invest in its technology and mobile services, it said in an emailed statement.

The company says it is the Middle East and North Africa’s largest e-commerce platform, with 6.2 million registered users and 23 million visits per month to its website.-Reuters

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