Logo of Saudi Egyptian Investment Co. (SIEC)
Saudi Egyptian Investment Co. (SIEC), a wholly-owned subsidiary of the Public Investment Fund (PIF), invested in B.TECH, Egypt's integrated omnichannel retailer and consumer finance platform.
SEIC is acquiring a significant minority stake from African Development Partners II, a fund advised by Development Partners International (DPI), an investment firm targeting Africa's high-growth, impact-driven, and innovation-led companies, according to a statement received by Argaam.
Working with SEIC, B.TECH will continue to accelerate its innovative growth strategy and digitalization efforts, while scaling new business verticals and existing core operations, said Mahmoud Khattab, Founder and CEO of B.TECH.
B.TECH will also invest in increasing financial inclusion efforts, supported by the growth of its digitally-enabled MiniCash consumer finance services, which will expand customer access to a wide range of financing solutions, he added.
Arqaam Capital and EFG-Hermes were the merger and acquisition (M&A) advisors for the transaction.
Founded in 1997, B.TECH has grown into one of Egypt's largest and fastest growing e-commerce players and the country’s leading omnichannel retailing platform with more than 135 stores across the country. The company provides various financing solutions, topped by MiniCash. It employs over 5,000 people.
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