This latest funding brings the total raised by Souq to $425 million. Tiger Global and Naspers were participants. Both have also invested in Flipkart in India.
E-commerce giants with ambitions to build regional Amazon rivals in emerging markets continue to rake in huge amounts of funding. Today, comes the latest development: Souq — an online marketplace that has been described as the Amazon of the Middle East — has announced that it has closed a funding round of over $275 million (AED 1 billion) to continue building out its business in the region.