Cairo – Healthy Food and Beverage (F&B) brand Lychee Egypt unveiled expansion plans to enter the Gulf area which will follow its first investment in the Saudi Arabian market, according to a press release.
Entering the Saudi market is part of the Egyptian company’s vision and commitment to regional growth which has been fueled up by a strategic investment round spearheaded by Beltone Venture Capital, a subsidiary of the listed Beltone Financial Holding, as well as Index Sports Fund and Twenty-Eight Capital limited.
CEO of Beltone Venture Capital, Ali Mokhtar, commented: “Lychee’s keen understanding of market trends and changing consumer behaviors has allowed them to foresee the potential of online retail.”
Founder and CEO of Lychee, Mohamed Assy, said: "One of the greatest challenges of being pioneers of the healthy food industry in Egypt, has been maintaining our position as market leaders.”
Assy elaborated on the company’s journey by saying: “This has been in the works for four years now. We saw the potential in the Saudi Arabian market then, the same way we saw it in Egypt in 2012, and knew it would be the first big leap in our regional plan. Everything our team has been doing since, has been gearing us towards that goal.”
The founder noted that Lychee’s current goal for the Egyptian market is to reach over 40 branches by the fourth quarter (Q4) of 2024.
More than 50% of Lychee’s outstanding sales are derived online, which reflects their proactive approach in widening their market presence through different channels.
The $5 billion F&B industry in Egypt saw Lychee having a 120% year-on-year (YoY) leap in 2023, focusing on profitable growth and streamlined unit economics.
Meanwhile, Saudi Arabia’s F&B sector is poised to hit $30 billion by 2030, therefore, Lychee sees “a remarkable opportunity to pioneer health-centric F&B offerings in the region. This investment will support an extensive plan aimed at securing strategic locations, establishing a strong retail presence, and further enhancing its omni-channel capabilities.”
It is worth noting that during the first nine months (9M) of 2023, Beltone Financial Holding shifted to profitability at EGP 85.77 million.
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