Elgrocer to be acquired by Etisalat

10X Technology

Mita Srinivasan
10X Technology
Published:

Elgrocer to be acquired by Etisalat

100 percent acquisition to help bolster grocery delivery and expand Etisalat’s digital marketplace

Emirates Telecommunications Group Company (Etisalat Group) has agreed to acquire 100 percent of Elgrocer, one of the first marketplace for groceries operating in all seven Emirates of the UAE, to support its digital ambitions, unlocking synergies that drive a diversified and integrated product portfolio.

Elgrocer’s strong online presence in the country will complement Etisalat UAE’s existing marketplace services under the brand ‘Smiles’ including online food delivery, lifestyle offers and the ability to earn and redeem points at more than 7,000 outlets across the UAE.

In a statement, Khaled ElKhouly, Chief Consumer Officer of Etisalat UAE pointed out that “this acquisition is in line with our strategy to empower consumers, enhance engagement through our digital marketplace platform and drive diversification of our business.”

Raed Hafez, CEO of Elgrocer, said: “We are excited to join forces with Etisalat team, giving us the opportunity to tap into their digital capabilities, advanced network and services to accelerate our strategic expansion plans. Combining our strengths, backed by Etisalat’s strong base, will give us full strength to capture the market opportunities ahead.”

Founder & COO of Elgrocer, Nader Amiri, shared that he started the Elgrocer journey in 2015 to bring a new grocery shopping experience to people in the UAE. Amiri is looking forward to starting a new chapter combining what they have built with Etisalat’s innovative services and Smiles’ powerful offering, “providing customers with even more delightful experiences and benefits”.

With UAE ranked as one of the highest globally in terms of smart device penetration and rated as one of the most advanced countries for online shopping and eCommerce market in MENA, this acquisition will contribute to the growing digital economy in the country.

ElKhouly added, “Online shopping has redefined retail in the last decade with an increasing number of consumers moving to online transactions. Considering Etisalat’s leadership role in the acceleration of UAE’s digital transformation, we have been continuously working on new, innovative digital services.”