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Hind Al Soulia - Riyadh - Quiqup raises $5.5 million
News • 24 November, 2020
UAE-based last-mile logistics delivery startup Quiqup, has raised over $5.5 million in a funding round led by Delivery Hero, with participation from strategic shareholders, Cedar Mundi, JOBI Capital and Transmed.
Launched in 2017, Quiqup offers on-demand and same-day delivery services for restaurants and retailers. The startup primarily targets the e-commerce sector, spurred by the ongoing Covid-19 pandemic. The company will use this capital to expand its AI-driven logistics infrastructure to better its customer experience.
“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,” said Bassel El Koussa, founder and CEO of Quiqup. “We are now gearing up for a new phase of expansion to champion on-demand and same-day urban delivery across the GCC region.”
According to Bain & Company, the UAE e-commerce sector is poised to triple in size from $8 billion to $28 billion over the coming three years, with a yearly growth rate of more than 28 per cent.
The company has also welcomed Iyad Kamal, ex-COO at Aramex on board as a strategic advisor.
“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,” said Kamal.
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