Jumlaty and Appetito, FoodTech e-Groceries startups, announce their merger into a new entity named NOMU. Through this merger, the startups aim to become MENA’s leading food-tech supply chain platform. NOMU is currently present in Saudi Arabia, Egypt, Tunisia, and Morocco.
“Appetito and Jumlaty have been, separately but similarly, working hard to reinvent the grocery supply chain. Both have focused on reliability, speed, and affordability, building a solid reputation and a loyal customer base of families and F&B businesses. Our merger will set us on the path to reach SAR 100 million in revenue ($25 million) and positive EBITDA within 2023, with important synergies on the tech, marketing, and procurement fronts,” Shehab Mokhtar, CEO of Appetito and now CEO of NOMU, said.
NOMU has a smart grid of 16 warehouses, and the capacity to cover the existing infrastructure of 25 million people and 100,000 F&B stores according to their statement.
“We are redeploying our tech talent towards advanced AI-based algorithms covering smart pricing, predictive demand planning and LTV optimization, and new community-oriented features including group buying, loyalty and embedded finance. On the marketing front, we will keep local brands where it makes sense and all our apps in all our countries will use a common tech and growth platform,” Yassir El Ismaili El Idrissi, Chief Growth and Expansion Officer at Appetito, and now at NOMU, said.
NOMU’s headquarters will be in Riyadh, with a holding structure in Abu Dhabi’s International Financial Centre, with goals to expand to Pakistan and sub-Saharan countries in the near future.
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