E-commerce platform Rabbit receives license to operate in Saudi Arabia

E-commerce platform Rabbit receives license to operate in Saudi Arabia
Source: Tech Crunch

Rabbit, the quick commerce platform, announced it has received its license to operate in KSA from the Saudi Arabian Ministry of Investment. The license was awarded by KSA’s Minister of Investment in a ceremony held Monday at the Global Entrepreneurship Congress 2022 in Riyadh.

“It’s hard to believe that only 9 months ago, Rabbit was an idea. 6 months ago, we delivered our first order in Cairo, and today, we hit a major milestone: our first international expansion beyond Egypt. It is a testament to months of hard work by a true A team building and growing Rabbit to where it is today,” said Ahmad Yousry, Co-Founder and CEO of Rabbit.

In 75 days of operation in 2021, Rabbit delivered over 100k items to tens of thousands of happy customers, collectively saving over a whole year of their time. They now serve 8 neighborhoods in Cairo.

Rabbit’s plans to expand into Saudi Arabia will see it tap into the largest e-commerce market in the Middle East and Africa, with revenues projected to reach 12 billion in 2022. The company expects to invest over $60m in the next 24 months to provide its services in the Kingdom, creating over 700 jobs in the process.

Read more: Rabbit Raises $11 Million in the MEA’s Largest Pre-Seed Round

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