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Store management platform Dukkantek has announced an oversubscribed $10 million Series A round as it powers the digital ecosystem of 13 million SMB retailers in the region.
The round was led by Beco, with participation from Rocketship and Colle Capital. Other strategic investors in this round include Comma Capital, AMK Investment Office, Chaos Ventures and Wamda Capital. This round follows a $5.2 million seed round in October 2021, bringing their total raised to $15.2 million.
Sanad Yaghi, co-founder of Dukkantek commented: “Small and medium business owners have long been on the verge of a technological shift; now we are addressing their unmet needs. We bring a technology that consists of three distinct value propositions platform that enables these merchants to compete in the digital world”
“This includes a suite of tools that enable merchants to run their business more efficiently. Payment options ensure merchants can provide customers with more choice on how to settle their bills. There is also an e-commerce product that allows merchants to start selling online for the first time Everything you need and manage that business with your brick-and-mortar business. Many merchants struggle to keep track of their inventory when selling online and in-store, so having a system that blends these two parts of the business is important.”
The coronavirus pandemic has accelerated digital adoption in the MENA region, leading in particular to an increase in online shopping. According to a report earlier this year by EZDubai and Euromonitor International in Dubai’s e-commerce district, the region’s e-commerce market is expected to reach $49 billion by 2025, up nearly 55 percent from 2021.
From 2021 to 2025, the e-commerce market in the UAE alone is expected to grow by 60% to more than $8 billion. Community retailers with no digital presence in the UAE have been severely impacted by a drop in foot traffic as they have been unable to accept online payments during the pandemic.
Dukkantek said traditional merchants and small and medium enterprises (SMEs) remained the backbone of the global economy and their transactions should be digitized to keep pace with market developments. To this end, their platform offers:
• Cloud POS: Cloud POS is a point-of-sale system that can be accessed online from anywhere. It allows businesses to track transactions and sales, calculate VAT, generate reports and calculate profit margins.
• Inventory Management: Cloud IM is an online software that helps businesses track, manage and organize their inventory. It allows users to track inventory, measure inventory value, manage fast-moving products and generate analytical reports.
• Payment methods: The platform offers a variety of payment methods, including cash, card payment or credit card payment. Reports can be generated to track payments.
• E-commerce: The e-commerce feature allows stores to sell items online or through an app. One of its features includes real-time inventory as it links to IM & POS software. Another feature is that stores can choose which items to place online and their corresponding prices. Also, it sends push notifications to customers.
• Companion App: A Companion App is a mobile application that helps manage your store online. Its features include: automatic inventory reconciliation, real-time store data, linking to IM and POS, the ability to track daily sales on a dashboard, view all transactions, and track cash flow and payment methods.
“It’s hard to come across a business and a team that can execute like what Dukkantek has done so far. Launching 7 countries in just 18 months is no easy feat, but the Dukkantek team has done it” Abdulaziz Shikh Al of Beco Capital Sagha said: “We are very excited to partner with Sanad, Ali and the wider team as they look to build on their exciting traction and overall vision for digital merchants. “
Having achieved its geographical expansion goals, Dukkantek’s focus will now turn to adding new services. Especially exploring working capital solutions and building their data analytics capabilities for users.
“We’ve seen more and more users accessing analytics tools on the platform that, for example, help them understand which products are selling best. Three-quarters of businesses on the platform are now transacting in this way. In addition, Many merchants are keen to expand the number of stores they operate, but are hindered by the lack of available funds in the area that we can explore,” added Sanad Yaghi. – arab trade news agency
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