Egyptian fast commerce startup Rabbit expands into Saudi Arabia 

Cairo-based fast commerce startup Rabbit has formally launched operations in Saudi Arabia, to compete within the largest and one of the crucial aggressive grocery supply markets within the Center East & North Africa. The growth follows the corporate’s “worthwhile progress” in Egypt the place it has delivered over 40 million objects to 1.4 million clients.

The Egyptian startup has established its GCC headquarters in Riyadh and is constructing an area Saudi crew. The corporate has already launched operations within the metropolis by way of a community of darkish shops (achievement facilities) in key neighborhoods.

Ahmad Yousry, co-founder and CEO of Rabbit, commented: “We’re delighted to announce Rabbit’s growth into the Kingdom. We pleasure ourselves on being a hyperlocal firm, bringing our bleeding-edge tech and expertise to rework the grocery buying expertise for Saudi households, and delivering the most effective merchandise – particularly native favorites, in simply 20 minutes. We’re constructing Rabbit Saudi, for Saudis, by Saudi fingers.”

The startup sees important progress potential in Saudi Arabia’s $60 billion meals and grocery market, the place on-line grocery penetration is at present at simply 1.3%, in comparison with 5.3% in UAE and 4.8% within the US. Even a modest enhance to 4% on-line penetration would create a $2+ billion e-grocery market alternative.

Rabbit’s enterprise mannequin revolves round delivering groceries, meals, cosmetics, and different objects in 20 minutes or much less by way of a classy technical infrastructure that features streamlined warehousing, user-friendly app interfaces, and hyper-efficient logistics. The corporate focuses on stocking prime family staples whereas emphasizing native buyer favorites, with usually over 60% of suppliers being native.

The corporate has seen 8.5x income progress in Egypt over the previous two years and counts outstanding traders together with Lorax Capital Companions, International Ventures, Raed Ventures, Beltone Enterprise Capital, International Founders Capital, Goodwater Capital, Hub71, Easy Capital and Basis Ventures.

It has raised a number of rounds of funding however has introduced just one thus far; an $11 million pre-seed in 2021.

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