ABU DHABI, United Arab Emirates, Aug. 6, 2019 /PRNewswire/ -- Jollychic, the Middle East leading e-commerce platform, has recently completed C+ funding round, obtaining US $65 million (AED 238.5 million) in investment, the investor is the UAE technology giant, G42 Group, in an unprecedented move of local strategic investor to fund a Chinese e-commerce platform focusing on the Middle East region.
G42 Group is a leading group in the field of innovation and technology, it is behind several national strategic technology projects in the UAE. It has rich industrial achievements in the frontier fields such as artificial intelligence, big data and cloud computing. It is a leader in science and technology fields in the UAE and MENA region. The investment from G42 Group was motivated by Jollychic's leading position in the Middle East, and its potential rapid development, and its enthusiasm for Jollychic's grand vision of building an e-commerce-based Internet ecosystem.
Recently, JollyPay, a payment platform of Jollychic obtained relevant payment licenses in the UAE, and it obtained online payment service qualification in Saudi Arabia. Based on mobile payments and e-wallets, JollyPay will drive high-speed growth of new business and form an independent portal to feed back the entire e-commerce ecosystem.
Founder and CEO of Jollychic, Mr. Arron Li said that Jollychic has been insisting on the core strategy of Glocal, (Global Mission and Local Commitment).
The new investment will drive Jollychic's strategic initiatives to expand its segmentation, optimize its logistics system, and develop third-party payment platforms and e-wallets. It is worth mentioning that this round of funding from G42 Group is an important milestone for Jollychic to further strengthen localization. It has a special strategic and localized significant for the entire Middle East market, and it has far-reaching benefits for Jollychic to build an e-commerce ecology and "no cash society" covering the Middle East region.
A report jointly released by Bain and Google predicts that the e-commerce market in the Middle East and North Africa (MENA) region will reach nearly $30 billion in 2022. The MENA region, especially the core six countries of the Middle East (GCC), is one of the regions with the highest Internet coverage in the world. However, the penetration rate of e-commerce in the region is only 2%, and the market structure is also scattered. The e-commerce market has huge potential to develop.
As a global cross-border e-commerce platform, Jollychic has been focusing on the Middle East market since 2014, combining China's supply chain advantages, efficient integrated full-link logistics solutions, highly localized operations and leading big data artificial intelligence technologies through its e-commerce platform such as Jollychic, MarkaVIP and Dealy, which sells more than 200 major categories of fashion, electronics, home and beauty to the most dynamic mobile internet users in the region, providing customers with cross-border and diversified one-stop e-shopping services. It has quickly become one of the largest e-commerce platforms in the Middle East with the largest installed capacity in the Gulf. Currently, Jollychic has branches in the UAE, Saudi Arabia and Jordan.
In 2018, Jollychic obtained the C-round financing investment led by Sequoia Capital. The company's shareholders also included Junlian Capital, Lanxin Asia, Ping An Ventures, CDH Investment, Dachen Venture Capital, Zhejiang Huarui and so on.