EGYPT – Talabeyah, a B2B marketplace for food and consumables based in Cairo, has been acquired by Egypt-based fintech MNT-Halan for undisclosed sum.
The startup secured a seven-figure pre-Seed round from strategic angel investors in October last year and this acquisition has recorded one of the quickest startups exits in Egypt
“We are happy to have finally reached the closing and are very much looking forward to growing our business nationwide.
“Teaming with MNT-Halan provides us with extensive talent and technological and financial power to allow us to rapidly scale our operations. We are thrilled to be part of MNT-Halan’s vision and are excited to expand cross border with them,” Karim Nassef, CEO of Talabeyah, said.
Although the terms of the sale were not disclosed, this is a new chapter for MNT-Halan, which intends to disrupt the present multi-layered and fragmented FMCG supply chain model in Egypt and empower small merchants.
The MNT-Halan digital ecosystem consists of small company and consumer lending, payments, and e-commerce. Adding a digital FMCG offering to MNT-merchant Halan’s network significantly boosts the company’s breadth and scope, as well as its ecosystem’s stickiness.
“The acquisition of Talabeyah is another step in our strategy of building a comprehensive digital ecosystem and is a perfect fit for our two companies.
“Talabeyah has developed an elaborate online catalogue, signed contracts with the largest FMCG suppliers, and demonstrated solid execution of its operations. MNT-Halan will enable Talabeyah to scale nationwide by providing access to hundreds of thousands of merchants and retailers, financing their customers’ purchases and backing the firm with our 120 tech engineers.
“I am excited to partner with Karim and his talented team to continue to extend our product offering to Egyptian retailers and further grow our loan book and margins,” MNT-Halan CEO, Mounir Nakhla, said.”
Karim Nassef, Amr Abbas, and Khaled Hussein founded Talabeyah in 2020 to disrupt and modernise the informal FMCG market in Egypt by combining technology, an innovative supply chain strategy, and the founders’ considerable experience in the FMCG industry.
The digital platform of Talabeyah gives small retailers with rapid access to a vast selection of products, transparent price information, and highly dependable service in order to optimise the management of their operations.
MNT-Halan is a super app founded in 2017 by Mounir Nakhla that offers digital solutions, such as lending, buy now pay later, e-commerce, payments, and mobility and on-demand logistics, in support of its mission to empower underserved communities, address inequality, and promote female economic participation. MNT-Halan raised US$120 million in investments last year.