B.tech, Egypt’s leading consumer electronics retailer and major home appliances distributor, seeks to boost its revenues by 30 per cent by the end of this year to hit $1.5 million and reach 153 sites.
Currently, B.tech opens one location every ten days.
The news comes after Saudi Egyptian Investment Company acquired a 34 per cent stake in the retailer this week.
CEO of B.tech, Mahmoud Khattab, said: “In recent years, we have achieved significant milestones, rapidly expanded our e-commerce business and grew our store footprint, distribution and service centres, while also enhancing our digital capabilities.”
Mr Khattab said B.tech is determined to promote its innovative growth strategy, focus on digitisation and explore new business verticals.
“B.Tech will also invest in increasing financial inclusion efforts, supported by the growth of B.Tech’s digitally-enabled MiniCash consumer finance services, which will expand customer access to a wide range of financing solutions.
“I am proud of how far B.tech has come and I believe there is more we can accomplish, all made possible by our fantastic team and unwavering commitment to serving our customers. DPI has been an outstanding partner since they joined our journey in 2016, helping us to evolve and scale our business, and cement our strong position in the market. With the SEIC as an investor, we aim to continue to progress our ambitions,” said Mr Khattab.
In 2016, DPI acquired 33.3 per cent of the company’s household appliances, which allowed B.Tech to double the number of its stores and increase its revenues fivefold.
Established in1997, B.Tech operates 143 stores in the country.
This August, B.Tech launched the innovative all-in-one ‘deel’ app to empower local merchants and help start-ups.
According to a report by Statista, revenues in Egypt’s e-commerce market are expected to reach $7.74 billion this year and increase at a compound annual growth rate of 19 per cent until 2025.
