The investor is the U42 technology giant G42 Group.
Learn that the Middle East e-commerce platformJollychic (stubborn) has completed 65 million The US dollar C + round of financing, the investor is the UAE technology giant G42 Group. This financing is the first time that a local strategic investor in the Middle East has invested in a Chinese e-commerce platform focusing on the Middle East.
The G42 Group focuses on artificial intelligence, big data and cloud computing and is a recipient of several national strategic technology projects in the UAE. In 2018, Jollychic completed the C round of financing for Sequoia, and the company’s shareholders currently include Junlian Capital, Lanxin Asia, Ping An Ventures, CDH Investment, Dachen Venture Capital, Zhejiang Huarui, Huatai New Industry Funds and so on.
Jollychic has been focusing on the Middle East market since 2014 and is an e-commerce platform for the Middle East market. Its business includes all-category e-commerce platform Jollychic, cost-effective fashion e-commerce platform Dealy, light luxury goods e-commerce platform MarkaVIP and so on. At present, there are more than 200 categories, including fashion, electronics, home, and beauty. The company currently has branches in the UAE, Saudi Arabia and Jordan.
In addition to the e-commerce business, Jollychic is also building its own electronic payment platform, hoping that the payment business can grow into an independent portal anti-feeder ecosystem. Recently, Jollychic became the first company to obtain relevant payment licenses in the UAE with its payment platform JollyPay (Responsible Payment) and obtained online payment service qualification in Saudi Arabia.
Based on a report jointly released by Bain & Google In 2017, the e-commerce market in the Middle East and North Africa (MENA) region was $8.3 billion, and is forecast to reach nearly $30 billion by 2022. And the Middle EastThe core Gulf Six (GCC) region is one of the best Internet coverage areas in the world. There are not many players concerned about this market, including international giants Souq, local giant Noon, and Chinese cross-border e-commerce. Players Fordeal, SheIn, etc. 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 potential for e-commerce development is large.
Jollychic said that the company is currently one of the largest e-commerce platforms in the Middle East with the largest installed capacity in the Middle East.
Jollychic founder and CEO Li Haiyan said that the new investment will greatly promote Jollychic’s strategic initiatives to continue to expand the segmentation category, optimize the logistics system, and develop third-party payment platforms and e-wallets. This round of funding from the E42 technology leader G42 Group is an important milestone for Jollychic to further strengthen localization. It has a special strategy and location significance for the entire Middle East market. For Jollychic to build a large Middle East e-commerce ecosystem and “no cash society” “The assistance is significant and far-reaching.
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