- Mazaya, an electronics B2B e-commerce marketplace, raised $5 million in a pre-seed round led by Raya Trade and Distribution, a subsidiary of Raya Holding for Financial Investments.
They will be using the raised capital to develop and improve their technology, expand their local operations by adding new categories and increase their reach and footprint in rural areas. It will also enable them to grow their retailers by providing them with access to various financial services.
The startup aims to expand into new markets in Africa as well. “By the end of 2022, we plan to kick off our operations in Nigeria and from there we will move to the west African potential countries and by 2024 we will explore business opportunities in North Africa & GCC,” Amir Aboul Fotouh, Mazaya Co-Founder & Head of Operations,
Mazaya provides retailers and merchants of electronic goods and home appliances the ability to procure inventory for their stores via the Mazaya App from all major brands at competitive prices, as well as access to value-added services.
“The Egyptian market has become one of the most attractive e-commerce markets to the attention of investors and the business community. Egypt has great capabilities and ingredients that help the growth of e-commerce, mainly because of the great enthusiasm and the growing desire to develop the e-commerce sector & the average age of the Egyptian society,” Aboul Fotouh said to us.
Mazaya plans to offer financial services and support to their retailers to help them scale their business by offering various credit facilities and flexible payment terms based on their payment history, in addition to helping them manage their financials easily by offering collection and payment services.