The B2B e-commerce platform Mazaya, based in Egypt, has secured $5 million in pre-seed capital to develop its operations there and enter other markets and industry verticals.
Mazaya, a company that was founded in December 2021, gives retailers and merchants of electronic products and home appliances more leverage by allowing them to quickly and effectively buy inventory for their businesses using its app. They may also obtain value-added services thanks to it.
Since its founding, the firm has completed 30,000 orders, collaborated with over 6,000 shops, and generated a gross merchandise value of $15 million USD. Currently, the platform offers more than 1,000 SKUs.
Raya Trade & Distribution, a division of Raya Holding for Financial Investments, led the $5 million pre-seed investment, which will be utilized to build the business both domestically and abroad. The firm is also thinking at entering different industries.
“We are humbled and excited to continue transforming the electronics distribution business and value chain while empowering all retailers and merchants. We are also thrilled to have strategic investors with extensive experience in electronics retail, distribution, and logistics, such as Raya. The funds raised will allow us to quickly scale our operations and expand to other markets beyond Egypt. We have plans to launch our services in Nigeria before this year-end,” said Amir Aboul Fotouh, Mazaya’s co-founder and head of operations.
Additionally, Mazaya intends to provide its retailers with financial services and support to help them expand their businesses by providing a range of credit facilities and flexible payment terms based on their payment history, as well as by making it simple for them to manage their finances by providing collection and payment services.
“As leaders in the fields of trade and distribution over the years, we are proud to invest in this ambitious platform that revolutionised the industry by providing the highest level of services to merchants in collaboration with their success partners,” said Bassem Megahed, CEO of Raya Trade and Distribution.
“The platform conveniently supports merchants, particularly small merchants who do not receive adequate services, with the ability to scale their business through a superior level of service and a wide range of electronic devices from all international and local brands at the click of a button.”