Saudi Jumlaty and Egyptian Appetito, two foodtech e-groceries start-ups, are merging into a new entity— NOMU.
Aspiring to become Mena’s leading foodtech supply chain platform, NOMU is currently operating in Saudi Arabia, Egypt, Tunisia and Morocco.
CEO of Appetito and now CEO of NOMU, Shehab Mokhtar, said: “Appetito and Jumlaty have been, separately but similarly, working hard to reinvent the grocery supply chain. Both have focused on reliability, speed and affordability building a solid reputation and a loyal customer base of families and F&B businesses. Our merger will set us on the path to reach SAR100 million in revenue and positive EBITDA within 2023 with important synergies on the tech, marketing and procurement fronts.”
The deal was reached due to their shared vision and cohesion.
NOMU’s headquarter will be located in Riyadh with a holding structure in Abu Dhabi’s International Financial Centre, strategically situated to further advance its operations, aiming in the long run to cover Pakistan and pivotal sub-Saharan markets.
Chairman of NOMU and CEO of Jumlaty, said: “Both companies shared the same vision on how to transform the industry, combining smart tech, lean operations with a deep focus on unit economics.
“Together we capture the entire value chain from monthly shopping to weekly refills and outdoor dining. Most importantly our journey now as one company will be accelerated thanks to an incredible team of international talents and supportive investors.”
COO of Appetito, Ahmed Demerdash, said: “Our new entity is now present in four promising countries, Saudi Arabia, Egypt, Tunisia and Morocco, with a smart grid of 16 warehouses and a capacity to cover the existing infrastructure of 25 million people and 100,000 F&B stores, and delivery promises that range from one hour to next day fulfilment.”
Founded in March 2020, Appetito is an on-demand grocery delivery start-up that operates in Egypt, Tunisia and Morocco.
Chief growth and expansion Officer at Appetito and now at NOMU, Yassir El Ismaili El Idrissi, said: “We are redeploying our tech talent towards advanced AI-based algorithms covering smart pricing, predictive demand planning and LTV optimisation and new community-oriented features including group buying, loyalty and embedded finance. On the marketing front, we will keep local brands where it makes sense and all our apps in all our countries will use a common tech and growth platform.”
Last November, Appetito raised $2 million in pre-Series A funding.
According to Statista, two years ago, the annual gross merchandise value of e-grocery in the UAE was estimated at around $ 1.12 billion dollars. The segment was forecast to increase moderately, but the restrictions have bolstered it beyond initial expectations.
