KSA’s Jumlaty and Egypt’s Appetitto announced their merger into a new entity called NOMU. The new entity will have its headquarters in Riyadh, and a holding structure will be formed in the International Financial Centre in Abu Dhabi, UAE, to ensure the further development of the operations. Thus, to be an extension of the new NOMU activity between KSA, Egypt, Tunisia, and Morocco.
The aim of the merger is to become MENA’s leading food-tech supply chain platform. “Appetito and Jumlaty have been, separately but similarly, working hard to reinvent the grocery supply chain. Both have focused on reliability, speed, and affordability, building a solid reputation and a loyal customer base of families and F&B businesses. Our merger will set us on the path to reach SAR 100 Million in revenue (USD 25 Million) and positive EBITDA within 2023, with important synergies on the tech, marketing, and procurement fronts.” commented Shehab Mokhtar, CEO of Appetito, now CEO of NOMU.
According to the companies, the deal was facilitated by a shared mindset and direction. Salman Attieh, CEO of Jumlaty, now Chairman of NOMU, stated, “Both companies shared the same vision on how to transform the industry, combining smart tech, lean operations with a deep focus on unit economics. Together we capture the entire value chain, from monthly shopping to weekly refills and outdoor dining. Most importantly our journey now as one company will be accelerated thanks to an incredible team of international talents and supportive investors.”
Ahmed Demerdash, COO of Appetito, now COO of NOMU, commented on the potential of the merge, “Our new entity is now present in four promising countries, Saudi Arabia, Egypt, Tunisia, and Morocco, with a smart grid of 16 warehouses, and a capacity to cover the existing infrastructure of 25 million people and 100,000 F&B stores, and delivery promises that range from one hour to next day fulfillment”.
NOMU has ambitions to cover Pakistan and key sub-Saharan countries in the near future. Yassir El Ismaili El Idrissi, Chief Growth and Expansion Officer at Appetito, and now at NOMU, added, “We are redeploying our tech talent towards advanced AI-based algorithms covering smart pricing, predictive demand planning and LTV optimization, and new community-oriented features including group buying, loyalty, and embedded finance. On the marketing front, we will keep local brands where it makes sense and all our apps in all our countries will use a common tech and growth platform.”
Follow us on Instagram, LinkedIn, and Twitter for startup & business news and inspiring stories of MENA businesses, entrepreneurs, startups, innovators, investors, and change-makers.
To report any issue or error in the story, please email us editor [at] rasmal [dot] com.
Last Updated on December 15, 2022 by Safiya K
