The retail company has acquired 80% stake in the startup according to ilboursa’s report. Financial details of the transaction were not disclosed.
Founded in 2013 by a Tunisian entrepreneur Karim Skik, Founa is an online supermarket that sells over 11,000 products in 11 categories including groceries, homeware, baby products, beauty and cosmetics, and books and stationery.
Customers have the option to buy anything from these categories from the comfort of their home and it gets delivered to their doorstep on the same day. According to their website, Founa currently delivers in Ariana, Ben Arous, Manouba, Monastir, Nabeul, Sousse, and Tunis. The website supports both cash on delivery and credit card as payment options.
Founa’s LinkedIn page notes that the startup has its own fleet of delivery trucks and warehouses that are spread over 2,000 square meters. Ilboursa reports that Founa currently has over 5,000 customers and brought in close to a million dollar in revenues last year.
Magasin Général, the acquirer, is one of the leading names in the retail sector of Tunisia. The group was established in 1920s. According to their LinkedIn page, French retail giant Auchan is currently one of the shareholders in company.
Latest posts by MB Staff (see all)
- Abu Dhabi’s Mubadala co-leads $2.25 billion investment in self-driving car company Waymo - March 3, 2020
- Careem and Noon win initial approval for launching mobile wallets in Saudi - February 26, 2020
- STV hires former Google executive Ivan Jakovljevic to help its portfolio companies grow - February 12, 2020