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OTO closes $ 3 million investment round in Saudi Arabia

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OTO السعودية تغلق جولة استثمارية بقيمة 3 مليون دولار

OTO closes $ 3 million investment round in Saudi Arabia

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  • Collected by the company Auto Software – Saudi Arabia-based startups in a service sector – $ 3 million initial finance round MEVP And Derayah Capital.
  • Founded in 2019 by Mohammad Razas and Fergan Ozar, it helps Auto E-commerce brands can send, manage, monitor and withdraw their orders online with more than 100 shipping companies on a single dashboard.
  • Auto, Now operating in Saudi Arabia, United Arab Emirates, Kuwait, Oman, Qatar, Bahrain and Egypt, says it is up 300% year-on-year compared to 2020 with customers including Zain, Saco, Arabian Out, Zohur Al Reef, The Body Shop, Cardial and Other companies.

Press Release

Announced by the Logistics Technology InstituteAutoHeadquartered in Saudi Arabia, it announced the closure of a $ 3 million investment round with the contribution of the Venture Investment Fund. MEVP Teraya Fund (Teraya Ventures) is the largest investor in software and service services (Sauce) To seed level in the Middle East. Progress “AutoIntegrated shipping platform for e-shops and retailers looking to implement a compatible channel strategy (Omni Channel) Help them to send online store orders with more than 100 shipping and delivery companies, including shipping and managing revenue through a single portal.

Founded by Founder Mohammad Razas (CEO) and Furqan Azhar (CEO)AutoIn 2019, e-stores will develop global logistics technology to address the challenges of sending their products to customers from anywhere and anywhere in the e-commerce world.

“The e-commerce sector is experiencing rapid growth, especially in the Gulf countries. The size of the e-commerce market is expected to reach $ 50 billion by 2025. Switching to e-commerce is not as easy as many electronics stores. On the other hand, 57% of Gulf countries are online. Shoppers expect their products to arrive within two hours – 24 hours from the time of ordering. Auto To solve this problem, “said Mohammed al-Razas.

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Witness “Auto“The best growth in the number of orders processed through this site is estimated at 300% from the beginning of the current year and the founders expect the growth rate to reach 500% by today, 2020 and by the end of 2021. More than 400 local and international brands place their online store orders. Used to send, the most important of which are Zain, Saco, Arabian Oud, Zohoor Al Reef, The Body Shop, Cardial and many more.

“If you can order, prepare, bake, wrap pizza and have it delivered to your doorstep in 45 minutes, why does it take 4-5 days to have your new T-shirt delivered to your doorstep?” Al-Razas asks. “This is what inspired us.”Auto“E-commerce and retail use technology to deliver goods as quickly as possible, providing the best delivery experience by automatically connecting online stores, branches, spare warehouses, local and global shipping and distribution companies, improving operational processes, delivery times and achieving better shipping prices. Improving Platform Filling Centers and Electronic Markets (Markets) Coordinating and shipping with various shipping companies and determining the best price and performance.

In 18 months, she “AutoConnect with more than 100 freight and delivery service providers in the region, including Aramax, Sobal and moreUPS AndDHL In addition to linking to SMSA, Kareem and other, various sales channels and various e-commerce sites, “AutoLargest platform for co-management of freight and delivery services in the Middle East and North Africa. This platform integrates with inventory management systems and ERP Synchronize and monitor inventory volumes of merchants’ branches and warehouses. The site’s smart engine enables the merchant to ship the product from the best packing center through the city, shipment value, payment method, delivery companies performance, shipping rates, stock availability, and other rules and is best executed by the best delivery company. The site also offers the opportunity to use your existing contracts with shipping companies or send through discounted prices offered directly by the site.

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Team mode “AutoHeadquartered in Riyadh, he has set his vision to create a product that can scale to local and other global markets. And its proximity to the trade route connecting Asia and Europe. Therefore, we have benefited from the expertise of the team developing advanced technology solutions to address the local and global challenges facing the shipping and e-commerce sector, ”Al-Razas said.

We are happy to join MEVP Teraya Ventures is involved in this investment round, which will bring us closer to achieving our vision of creating a global company specializing in logistics technology from the heart of the region.

Progress “Auto“Its services are in 7 different countries including Saudi Arabia, United Arab Emirates, Kuwait, Oman, Qatar, Bahrain and Egypt. The company plans to increase the number of its staff from various countries. Maintains the rate, allowing the investment company to expand its customer base in the Gulf countries and Egypt, and product development and launching new technology are features that will help merchants save time and money in managing shipping and delivery operations. ”As digital buyers’ expectations increase, more than 20% annually With the growth of e-commerce, many e-retailers have not been able to fulfill their orders efficiently to meet those expectations.Thanks to the happy customers, we found it Auto It acts as a leading e-commerce operator to automate order processing and shipping to reduce delivery time and costs. We are happy to join Muhammad, Furqan and Abadal Auto When they create a platform Sauce Fast growing and meets the needs of the local market. We are pleased to collaborate with Derayah Venture Auto In long-term strategic investment in its products and technologies. MEVP.

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Faris Al-Rashed, President, Teraya Ventures, said: “With each innovation comes new forms of struggle, as innovations elevate the quality of life to new heights. Auto Solve this problem by helping retailers and e-stores provide this new level of customer service. This is why Derayah ventures are eager to support Auto Awesome team behind it. “

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Economy

Bitcoin is jumping around 10 percent on the week

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Bitcoin is jumping around 10 percent on the week

Bitcoin rallied strongly this week as the world’s number one cryptocurrency hit its all-time high, with a recovery in financial assets benefiting from the dollar’s decline.

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The prospect of an end to the Federal Reserve’s continuing monetary tightening cycle for more than a year and a half has contributed to a recovery in all financial assets, including major indices in global stock markets. Gold hit an all-time high after breaking above $2,100 an ounce, while Bitcoin rose to its highest level in 2023. This year has been one of the windiest years for the cryptocurrency as it ranks ninth. The largest assets by market value rose 166 percent to reach $860 billion.

Other reports, expectations of an end to the monetary tightening cycle, and expectations of an earlier-than-expected shift in monetary policy contributed to bitcoin’s gains. The latest expectations indicate the possibility of a rate cut in the US after the end of the first quarter of 2024, compared to previous expectations, which indicates the possibility of a rate cut at the beginning of the third quarter of the year. The most important factors fueling Bitcoin’s rise are reports of the imminent approval of Bitcoin exchange-traded funds (ETFs) submitted to major investment firms and related US bodies.

On the other hand, this year has not been without negative news for cryptocurrencies, especially the sanctions faced by one of the world’s largest cryptocurrency exchanges, Finans, which admitted early last month that it had lied in some of the allegations against it. US and private authorities were fined approximately $4.3 billion for anti-money laundering crimes, while the exchange’s founder, Changpeng Zhao, pleaded guilty and announced his resignation as CEO. Financial transfer.

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Bitcoin rose 9.97% to register around $43,801 during this week’s trading. Meanwhile, Ethereum price rose 6.56% to reach $2,345.

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Economy

Digital advertising is still in a state of uncertainty

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Digital advertising is still in a state of uncertainty

One of the golden rules in the business world is respect for the customer. This principle served Elon Musk when it came to Tesla and SpaceX. The message is if you want to drive or introduce an amazing car. Satellite to space, then Elon is what you are looking for. .

But the world’s richest man is testing the opposite side of the equation with his social media game, X, after several big companies, including Disney, Apple and IBM, have decided. Withdraw their ads from his platform. As a result of his endorsement of an anti-Semitic tweet, the world’s richest man delivered a clear message: “Go to hell.”

Advertisers seem to be taking Musk’s message seriously, and it would be easy to move to Google, TikTok or Facebook.

Platform X, formerly known as Twitter, represents a small slice of the vast digital advertising market. Media agency GroupM expects that digital advertising requires rare talent to turn a profit outside of the money fountain, but the success of “X” in this field is quite shocking.

GroupM expects the digital advertising market to grow 9.2% to $617 billion this year. The five largest global ad vendors, Google, Meta, and ByteDance, which operate TikTok, Alibaba, and Amazon, are expected to grow ad revenue by 25.4% on a combined annual basis between 2016 and 2022.

But some advertisers question how well other digital advertising platforms take care of their customers. A recent report by ad analytics service Adalytics found that ads for some major international brands and US and European government agencies continue to appear on pornographic sites and on companies in other banned countries.

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After analyzing 7.2 million websites on the Internet, Adaltics found numerous examples of ads for companies including Apple, BMW, Walmart and the US Treasury appearing on questionable sites without the advertisers’ knowledge. the way It allows third-party developers to embed search engines on their own sites, presumably through Google’s search partner network.

Showing ads this way not only puts advertisers’ reputations at risk, but also performs poorly, according to Analytics. Google announced investigations into Adalytics’ allegations, but found no evidence that ad revenue was shared with recognized companies.

However, the widespread adoption of machine learning systems is allowing marketers and digital advertising platforms to deliver and deliver more targeted and personalized ads than ever before.

“It allows us to send the right message to the right customer at the right time,” says Mark Reid, CEO of WPP advertising agency. So, for example, the agency used artificial intelligence and geolocation tools in 2021. 130,000 video ads for 2,000 local stores in India, all with Bollywood star Shah Rukh Khan’s “personal” endorsement.

Ads were viewed 4 million times on YouTube and Facebook, but Reid added that advertisers expect more transparency from digital platforms and third-party verification of where and when their ads are shown.

Reed said these platforms, which are interested in gaining market share, must encourage such transparency.

Some lawmakers are calling for tougher regulatory interventions to address the problem, and U.S. Senator Mark Warner called on the Federal Trade Commission and Justice Department to investigate “digital ad brokers operating in a concentrated, fraudulent ecosystem.”

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Arid Research senior analyst Richard Cramer says marketers have shown “sad negligence” by not paying enough attention while spending billions of dollars annually.

Kramer compared the digital advertising market to a vast, opaque stock market, where billions of trades are conducted daily and are subject to verification and settlement, while other trades often take place in “dark rooms.”

Kramer said Google may stop showing ads through its search and video partner networks, but the company wants to stay small, even if it’s better. He added: “None of these companies want transparency. “For big tech companies, transparency seems like a dirty word.” So, it’s time for advertisers to enforce such transparency, even if lawmakers don’t.

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Economy

Variation in weekly performance of Gulf shares… and Egyptian index rises 0.46%

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Variation in weekly performance of Gulf shares… and Egyptian index rises 0.46%

Dubai: “The Gulf”

Performance of stocks in GCC countries varied during the week; Dubai Financial Market Index alone lost 0.91% to 3951.52 points and Abu Dhabi Market Index lost 1.45% to 9400.75 points in 4 sessions.

In Saudi Arabia, the main market index TASI increased the week’s trade by 0.43% to close at 11,225 points, compared to 11,177 points at the end of the previous week.

In Kuwait, the general market index rose 0.33% for the week to close at 6654.64 points, compared to 6632.47 points at the end of the previous week.

In Bahrain, the Bahrain General Index rose 0.13% on the week to close at 1942.35 points, compared to last week’s 1939.77 points.

In Qatar, the Qatar Stock Exchange Index fell 1.93% in 5 sessions to close at 9,848.15 points, compared to 10,062.64 points at the end of last week.

In the Sultanate of Oman, the Muscat Stock Exchange Index fell 1.37% during the 5-session session to close at 4594.41 points, compared to 4658.17 points at the end of the previous week.

Outside the Gulf region, the Egyptian stock market index “EGX 30” increased the week’s trade by 0.46% to end at 24,686.16 points, compared to last week’s close of 24,571.98 points.

Weekly performance:

Egypt +0.46%

Saudi Arabia +0.43%

Kuwait +0.33%

Bahrain +0.13%

Dubai 0.91% –

Oman 1.37% –

Abu Dhabi 1.45% –

Qatar 1.93% –

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