Dubai-based digital grocery coupons and offers platform ‘Clip the Deal’ has closed its Series A round, raising a seven-figure investment, it announced in a statement today. The round was led by Optiscape Network Holdings, a retail and distribution investment group with a special focus on retail technology. The previous investors including Dubai-based NB Ventures and Mishaal Alireza also took part in the round.
Founded in 2015 by Padam Chhabra and Manik Gupta, Clip the Deal enables allows users in the UAE to find deals across all categories of groceries through its mobile app. The users can save the deals and receive cashback or instant cash discounts when they shop at partner stores of Clip the Deal, which include Lulu, Carrefour, Al Maya, and many other retailers across the UAE. The users also have the option to claim cashback using their shopping receipt.
The app also serves as an easy-to-use digital alternative to (grocery) store catalogs. The startup claims that its platform helps users save up to 55 percent on daily shopping.
For the retailers, using Clip the Deal as a partner means better online reach and discovery of their products with the transactions still taking place offline.
The startup plans to use the investment to expand into new markets and categories, invest in technology and hire more people on its team.
Padam Chhabra, co-founder and CEO of Clip the Deal, said, “We are extremely pleased to welcome Optiscape Network Holdings as a stakeholder and look forward to their mentorship and guidance as we expand in the region and leverage their experience across the retail & distribution spectrum in GCC.”
“We see tremendous growth opportunities as we look to change the way consumers approach the $150 Bn Grocery Retail in GCC alone. Our loyal customer base of over 200,000 users and the 200% YoY transactional growth through 2019 is a testament to the robustness of our technology, platform, and offering,” he added.
A spokesperson for Optiscape Network Holdings, in a statement, said, “We have worked with Clip the Deal for a number of years and saw a growing need amongst users for online discovery and fulfillment. Innovation and anticipating future customer needs has been the key to the success of our group and we see Clip the Deal as a very important strategic partner in the years to come. We are already working with the team to help in the expansion of Clip the Deal and leveraging our five decades of GCC retail experience and contacts.”
Featured image via Making Waves.