B.TECH to drive more growth and expansion following investment by SEIC

RIYADH: Egypt’s omnichannel retailer and consumer finance platform B.TECH is expected to drive more growth and expansion following the investment by the Saudi Egyptian Investment Co., a wholly-owned subsidiary of the Public Investment Fund, its CEO told Al-Arabiya.

B.TECH aims to increase its revenues by 30 percent by the end of 2022 to $1.5 million, while it aims to increase its locations to 153 by the end of the year.

Currently, B.TECH opens one location every ten days, according to B.TECH CEO Mahmoud Khattab.

SEIC has acquired 34 percent of Egypt’s omnichannel retailer and consumer finance platform B.TECH.

SEIC’s acquisition was made via the purchase of a minority stake from African Development Partners II, a fund advised by Development Partners International.

B.TECH is 34 percent owned by DPI, while the remaining 66 percent belongs to BT Holding which is owned by the Khattab family that founded the company.

“In recent years, we have achieved significant milestones, rapidly expanded our e-commerce business and grew our store footprint, distribution and service centers, while also enhancing our digital capabilities,” Khattab said.

Working with SEIC, he said B.TECH will continue to accelerate its innovative growth strategy, its digitization efforts, while scaling new business verticals and existing core operations. 

Khattab added: “B.TECH will also invest in increasing financial inclusion efforts, supported by the growth of B.TECH’s digitally-enabled MiniCash consumer finance services, which will expand customer access to a wide range of financing solutions.”