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Saudi food startup raises $ 170 mn from Sequoia Capital India, others

The company is also looking at potentially acquiring rivals to help it grow and will expand into fintech after receiving a license from the Saudi central bank

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Photo: Bloomberg

2 min read Last Updated : Apr 20 2022 | 5:09 PM IST

Sequoia Capital India and Prosus NV have backed a $170 million funding round for Saudi Arabian food and beverage technology startup Foodics, as global investors increasingly seek to back fast-growing firms in the Middle East.

Riyadh-based Foodics will use the proceeds to boost its services and expand into new countries, Chief Executive Officer Ahmad Al Zaini said in an interview. The company is also looking at potentially acquiring rivals to help it grow and will expand into fintech after receiving a license from the Saudi central bank, he said.

The funds will also help Foodics explore “merger and acquisition opportunities

Topics : Startup Saudi Arabia funding Sequoia India

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