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Clip the Deal, a Dubai-based digital grocery coupon platform, announces their second round of funding of $500K
Funding 3 years ago - Thu, Nov 16, 2017, 12:23 PM
Clip the Deal, Middle East’s first digital grocery coupon platform, based in Dubai announced that they have raised $500K in their second round of funding. The Investment round was led by Dubai based investor Neelesh Bhatnagar from NB Ventures. Others who participated in the round included Dubai Silicon Oasis Authority, seed investors in Clip the Deal in 2016 and a prominent angel investor from the region.
The announcement came at the Entrepreneur Day event held in DTEC, Dubai Silcon Oasis. Clip the Deal was the ‘Startup of the Year’ at the same event in 2016 and has shown significant growth since then to cover 60% of the UAE grocery retail market with their digital coupons while adding top brands from Unilever, PepsiCo, Mars Wrigley, Aujan Coca Cola, Weetabix amongst others to the platform.
The company will use the funds to expand into new markets and categories, invest in technology and to hire top talent to drive business growth.
Padam Chhabra, CEO & Co-Founder, Clip the Deal, said, “We are extremely pleased to welcome NB Ventures as an investor and Mr. Neelesh Bhatnagar on our Board of Directors. As one of the pioneers of the Middle East’s Retail industry, we look to Mr. Bhatnagar for mentorship and guidance as we expand in the region. We see tremendous growth opportunity as we look to change the way consumers approach the $150 Bn Grocery Retail in GCC alone. Our customer base of over 70,000 users and the 50% m-o-m transactional growth through 2017 is testament to the robustness of our technology, platform and offering.”
Mr. Neelesh Bhatnagar, owner of Dubai based NB Ventures and a strategic investor, said, “We see tremendous recurring need for discounts and coupons for the value conscious customer and ‘Clip the Deal’ caters to that need with a very strong and easy-to-use platform. We have not just invested but are already blueprinting the expansion of Clip the Deal with the team and leveraging our deep retail experience and three decade old network of business contacts.” NB Ventures has previously invested in HealthifyMe, LetsTransport and Qriyo covering HealthTech, Transportation, Edu Tech sectors and now has entered Retail space with Clip the Deal.