Dubai start-up Yegertek secures new funding; valuation rises to $6.25mln

New capital from NB Ventures to help firm expand business

  
Image used for illustrative purpose. In this Photo Illustration, Twenty and five dollar bills are displayed on August 29, 2017 in San Anselmo, California.

Image used for illustrative purpose. In this Photo Illustration, Twenty and five dollar bills are displayed on August 29, 2017 in San Anselmo, California.

Gettyimages/Justin Sulliva

Dubai-based tech start-up Yegertek has secured funding from Gulf and India-focused venture capital firm NB Ventures and looks to expand its business. 

The new capital of undisclosed amount has raised the company’s valuation to $6.25 million, a statement said on Tuesday. 

NB Ventures is led by Dubai’s retail and technology investor Neelesh Bhatnagar, the owner of Delhi Bulls, a leading cricket franchise. 

“With a constantly increasing portfolio of high-profile clients driving our rise, the funding from NB Ventures comes at the perfect time for Yegertek,” said Sajid Azmi, founder and CEO of the company, which was established in 2017. 

“The influx of latest funding will serve as the catalyst for the next phase of Yegertek’s growth within the region and beyond.”
Yegertek is a solutions provider for customer and employee engagement. Its clients include Harvey Nichols in Qatar, and other companies operating in the food and beverage, jewellery and transportation sectors. 

Bhatnagar said they’ve decided to fund Yegertek because the start-up has the “potential to dramatically empower growth across business verticals in the region”. 

“My association with the consumer electronics retail brand Emax gave me a hands-on understanding of the transformative influence that customer loyalty and engagement can have, and the tech-enabled tools that Yegertek has developed allow businesses to maximise that impact.” 

(Writing by Cleofe Maceda; editing by Seban Scaria) 

Cleofe.maceda@refinitv.com 

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