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Foodics, specialised in providing cloud-based all-in-one restaurant management solutions, has estimated the size of the restaurant market in Egypt at $17bn annually.
The company aims to present its management solutions to 2,000 restaurants in Egypt by the end of 2021.
Ahmad Al-Zaini, Co-Founder and CEO of Foodics, said they allocated $10m to expand into new markets, including Egypt.
According to the company, there are more than 400,000 restaurants in Egypt, of which 97% are local brands.
He stressed, in a press statement on Thursday, that Foodics considers the Egyptian market as a gateway to Africa.
According to Al-Zaini, the company has allocated about 50% of its revenues to support the research and development of its products within two years, which helped the company to acquire more than 30% market share.
Foodics presently operates in 25 cities in 4 countries, namely Saudi Arabia, Egypt, the UAE, and Jordan. It has conducted about $3bn worth sales requests through its electronic platform. The company also provides its services to about 11,000 restaurants regionally, with transactions exceeding $2bn.
Foodics has obtained recently $20m fund from several investment entities in Saudi Arabia and the US, to develop its activities and geographical expansion in the region.
The company launched Foodics Capital product which provides financing to restaurants and retail stores for a period of three months, at an interest rate ranging between 13% and 15%, in accordance with the Islamic Murabaha system.
The company, in cooperation with several partners concerned with assisting emerging, small, and medium companies, has allocated about $100m in finance to restaurants.
2021 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
