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Middle East E-Commerce Jollychic Gains US$65 million in C+Round Strategic Investment

Date: 2019-08-13
BrowsingS: 66
Source: 亿邦动力网
Release date: 2019-08-13
BrowsingS: 66

August 5th news, a few days ago, the Middle East e-commerce platform Jollychic (practice) announced the completion of 65 million US dollars C + round of financing, the investor is the UAE technology giant G42 Group.

According to the executive, the financing is the first time for the local strategic investors in the Middle East to invest in the Chinese e-commerce platform with the Middle East as the key market. The G42 Group is a group in the field of innovation and technology in the UAE, with certain industrial achievements in the frontier areas such as artificial intelligence, big data and cloud computing.

Middle East E-Commerce Jollychic Gains US$65 million in C+Round Strategic Investment

Jollychic founder and CEO Li Haiyan said that Jollychic adheres to the core strategy of global mission and localization (Glocal, Global Mission and Local Commitment). The new investment will drive Jollychic's strategic initiatives to continue to expand its segmentation, optimize its logistics system, and develop third-party payment platforms and e-wallets.

A report jointly released by Bain and Google predicts that the e-commerce market in the Middle East and North Africa (MENA) region will reach nearly $30 billion in 2022. The MENA region, especially the core of the Middle East (GCC), is one of the regions with the highest Internet coverage in the world. At the same time, the penetration rate of e-commerce in the region is less than 3%, the market structure is also scattered, and the e-commerce market has potential for development. huge.

Jollychic said that as a global cross-border e-commerce platform, Jollychic has been focusing on the Middle East market since 2014, combining China's supply chain advantages, efficient and integrated full-link logistics solutions, highly localized operation methods and leading big data artificial intelligence technology. For the most dynamic mobile Internet users in the region, we sell more than 200 major categories of products such as fashion, electronics, home and beauty, providing cross-border and diversified one-stop e-shopping services. Jollychic's business includes Jollychic, a full-service e-commerce platform, Dealy, a cost-effective e-commerce platform, and MarkaVIP, a luxury merchandising platform. Currently, Jollychic has branches in the UAE, Saudi Arabia and Jordan.

In July of this year, Jollychic officially became the first company to obtain relevant payment licenses in the UAE with its payment platform JollyPay (seeing payment), and obtained online payment service qualification in Saudi Arabia.

It is reported that JollyPay was established in 2017, specializing in the construction and service of payment systems. It has independently completed the construction of its own payment system and wind control system, and can provide a full-link payment solution. The core members of the team have extensive experience in overseas and localization. Currently, JollyPay has established subsidiaries in Hong Kong, the United Arab Emirates and Saudi Arabia, focusing on paying business to serve local customers.

In April of this year, JollyPay signed a strategic cooperation memorandum of understanding with Saudi Arabia, the national service operator of the Kingdom of Saudi Arabia, in the Saudi capital, Riyadh. Based on this, the two parties will carry out extensive and in-depth cooperation in the field of online payment, such as mobile payment, to provide services and supporting solutions for enterprises and individual customers, and accelerate the pace of building a “cash-free society” in Saudi Arabia.

In 2018, Jollychic completed the C-round financing of Sequoia-led investment. The company's shareholders also included Junlian Capital, Lanxin Asia, Ping An Ventures, CDH Investment, Dachen Venture Capital, Zhejiang Huarui, and Huatai New Industry Fund.

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