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B.TECH seeks further growth following investment by Saudi PIF’s SEIC

B.TECH seeks further growth following investment by Saudi PIF’s SEIC
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Cairo – Mubasher: Egyptian omnichannel retailer B.TECH announced an investment by the Saudi Egyptian Investment Company (SEIC), a wholly-owned subsidiary of Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF).

SEIC is acquiring a minority stake from African Development Partners II, a fund advised by Development Partners International (DPI), according to a press release.

It is worth noting that DPI is an investment firm targeting Africa's highgrowth, impact-driven, and innovation-led enterprises.

Founder and CEO of B.TECH, Mahmoud Khattab, said: "In recent years, we have achieved significant milestones, rapidly expanded our eCommerce business and grew our store footprint, distribution and service centers, while also enhancing our digital capabilities.”

Khattab added: “DPI has been an outstanding partner since they joined our journey in 2016, helping us to evolve and scale our business, and cement our strong position in the market. With SEIC as an investor, we aim to continue to progress our ambitions."

Since its inception in 1997, B.TECH has grown into one of Egypt's largest and fastest growing e-commerce players.