MENA-based e-commerce noon has increased about $500 million in new funding with the help of current investors, such as Saudi Public Investment Fund (PIF) and the Founder of Emaar, Mohammed Alabbar.
People familiar with the matter said in a press release that the company is also a step closer to the possible initial public offering (IPO).
It is funded in the context of growing competition within the area, with Amazon entering the grocery business, Meituan in China starting food delivery and dark-store businesses in the Middle East, and Saudi-based Ninja expanding its quick-commerce business model after a $250 million round earlier this year.
Noon was founded in 2016, and it runs an online marketplace with food delivery and online grocery services in Saudi Arabia, the UAE, and Egypt.
It was launched soon after Amazon acquired the Dubai-based Souq.com at $580 million, which made it a regional contender against the international players in the e-commerce industry.
In an interview Alabbar reported the Financial Times in September that Noon has raised approximately $2.70 billion and is currently estimated at nearly $10 billion. Thus, the company is aiming at a possible IPO in the next two years.
