Based in Cairo and operating across Egypt, Tunisia, and Morocco, online grocery store Appetito has announced inking a MoU with the leading Riyadh-based information technology firm Purity.
Purity specialises in improving IT infrastructure efficiency, business applications, service continuity, and helping other firms manage and secure infrastructure against security threats.
Under the agreement, Purity will be Appetito’s partner in the Saudi market and will provide the necessary financing for Appetito to expand its operations across the kingdom and the MENA region.
Purity’s CEO Abdullah AlNamlah will also be joining Appetito’s Board of Directors.
The partnership comes as part of Appetito’s plans to bring in $25m worth of investment to finance and support its expansion.
Appetito has witnessed demonstrable expansion across the Middle East and Africa in the recent period. Within a couple of years, it has built a strong presence in three Egyptian cities, with more than 500,000 users, and it achieved 300% growth quarter-on-quarter. The company also acquired Tunisia’s Lamma in June, thereby expanding to the Moroccan, Tunisian, and West African markets.
Appetito was founded in March 2020 with the aim to offer quality products and affordable prices at the user’s convenience through an innovative platform, with current operations in Egypt, Morocco, and Tunisia. Appetito delivers thousands of grocery and household products through its mobile app to customers from dark stores, with more than 2,000 products available on its application delivering to consumers within less than 30 minutes.
Appetito’s CEO Shehab Mokhtar said: “We are very pleased with this partnership with Puirty, which is a regional leader in IT and investments. We’re eager to see how the partnership will play out in terms of promising opportunities for expansion in Saudi Arabia. We’re also very proud of integrating Purity in our business model.”
“We aim to massively expand our operations in Saudi Arabia, as well as prospective presence across neighboring markets,” Mokhtar added.
Purity Chairperson Faisal Al-Abdulsalam expressed his enthusiasm for the partnership. “We are eager to support startups, as this aligns with Saudi Vision 2030. Appetito has demonstrated its immense potential within a short time period, which demonstrates the competence of its team and their commitment to the vision,” he said.
Purity CEO AlNamlah also said he was excited to join Appetito’s Board of Directors. “I am very happy to join Appetito, and through my new role I hope to activate the partnership between both parties to forge promising investment outcomes, as Appetito’s potential, accomplishments and strong team demonstrate,” he stated.
Earlier this year, Purity announced its listing on Saudi Arabia’s Nomu– Parallel Market.
