Foodics enters Egypt market by setting an on-ground presence in Cairo
Category: #retail  By Saipriya Iyer  Date: 2020-09-22
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Foodics enters Egypt market by setting an on-ground presence in Cairo

Saudi Arabia-based restaurant management platform Foodics, has announced that it has entered the Egyptian market by creating an on-the-ground presence in Cairo.  The expansion comes after the company raised USD 4 million in an investment round, bringing its valuation to over USD 8 million.  

As per the credible reports, Foodics already has a well-established presence in the UAE and KSA since its launch in the year 2014. The company, which helps cloud kitchens and restaurant owners in running their operations, has successfully served over five thousand clients and delivered around a billion orders through Foodics software.

Co-Founder and CEO at FOODICS, Ahmad Al-Zaini, was reported saying that as the company always intended to expand its operations in Egypt since the regional F&B market is predicted to account for USD 15 billion and witness a growth rate of 15-20% through 2025.

Ahmad Al-Zaini added that the company’s objective is to keep expanding its end-to-end F&B and retail digitized solutions across the globe. He furher mentioned that as the Foodics’ technologies will add value as well as momentum to the growth of food & beverage sector in Egypt.

Mohammad Ayman, the newly appointed Egypt Country Manager, stated that after realizing the market potential, the company has established large targets for Egypt. He claimed that Foodics’ 360° SaaS Ecosystem was well received by Egyptian organizations in their pilot phase and predicts to close over 50 businesses by the year end.

According to industry experts, the company is expected to witness robust growth in Egypt following its high achievements in UAE and KSA. Apparently, the Foodics combines their local and regional market intelligence along with international experience and SaaS products to deliver high-quality service.

The company has also generated a total of USD 2 billion through GMV transactions in the year 2019, catering to more than 10,000 food outlets as well as around 5,000 clients, stated sources with relevant information. 

Source credits-

https://www.zawya.com/mena/en/press-releases/story/KSAbased_POS_FB_and_retail_tech_startup_FOODICS_expands_into_Egypt-ZAWYA20200920110839/

 



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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