Appetito acquires Tunisia’s Lamma to expand operations in Morocco, Tunisia and West Africa.
Appetito delivers thousands of grocery and household products through its mobile app to customers from dark stores across 3 cities in Egypt. Lamma has developed a similar Q-Commerce business in Tunisia and Morocco.
“I’m delighted to welcome unparalleled talent and like-minded entrepreneurs to our family. We believe it’s the best time to expand in Africa to solve the huge in-efficiencies in the retail supply chain. Having Lamma on board will put us on track to become the largest q-commerce player in the continent, transforming the life of millions of people and creating thousands of direct & indirect jobs,” Shehab Mokhtar, Chief Executive Officer at Appetito, stated.
The founders of both startups have now reached an agreement to create a single entity operating as Appetito and the closing of this deal is expected by the end of Q3 2022.
“This acquisition will allow significant synergies between the 2 companies, starting with a strong and common tech platform. Both companies have been extremely efficient with our capital deployment, having covered 3 markets, all while achieving double digit margins, and keeping cash burn under control” Ahmed Eldemerdash, Chief Operating Officer of Appetito, said.
Also read: Appetito Raises $2 Million in a Pre-Series A Round
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