RIYADH: Saudi restaurant tech startup Foodics is studying the possibility of issuing an initial public offering in the next three years, CEO, Ahmad Al-Zaini, told Al Arabiya in an interview.
“The target markets are the local market in Saudi Arabia and the American market,” he noted.
Most recently, Foodics raised over SR640 million ($170 million) from a new Series C investment round, led by PIF-owned Sanabil Investments, tech investor Prosus, and Sequoia Capital India.
Foodics, which is a cloud-based technology and payments platform for restaurants, holds a market share of 30 percent, according to the executive.
It currently serves over 21,000 restaurants and aims to expand to more than 100,000 restaurants within two years, Al-Zaini added.
“We are focusing on investment in geographical expansion in countries such as Egypt, and our main entry is in the Egyptian market, and we are studying our expansion in Africa and South Asia.”
