Startup of the Week: OXO mobilizes online deals worth $270m in 11 months

Startup of the Week: OXO mobilizes online deals worth $270m in 11 months
Founded in 2021, the company targets small and medium enterprises as it operates in six different industries. (Supplied)
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Updated 09 August 2022

Startup of the Week: OXO mobilizes online deals worth $270m in 11 months

Startup of the Week: OXO mobilizes online deals worth $270m in 11 months
  • Company will be able to triple that number by the end of 2023: CEO

CAIRO: Saudi-based fintech startup OXO has hit SR1 billion ($270 million) worth of transactions through its merchant platform since its launch 11 months ago.

During an exclusive interview with Arab News, Ali Al-Hazmi, CEO of OXO, said that the company will be able to triple that number by the end of 2023.
“We have achieved SR1 billion, but I believe it might be more than this because 10 percent of our merchants are not registering the invoices correctly. The numbers will be at least three to four times by 2023,” Al-Hazmi stated.
The company offers a platform for merchants to manage their business better, whether online or on the ground, providing point-of-sale, inventory, accounting and CRM services under one roof.
“OXO provides an omnichannel platform, with the concept of one product, one customer, one platform, so all of your products will be in one inventory, and you can sell online and offline,” Al-Hazmi said.

We are currently integrating with one of the biggest companies offering to buy now pay later services to provide for our clients an opportunity to buy or sell products in monthly settlements.

Ali Al-Hazmi, CEO of OXO

“In addition to transactions, I’m talking about financial things, like invoicing, expenses or recruitments are all in one platform,” he added.
Founded in 2021, the company targets small and medium enterprises as it operates in six different industries. “We are covering supermarkets, pharmacies, fashion retailers, gas stations, and service providers. We are also currently focusing on food and beverage retailers,” Al-Hazmi said.
Al-Hazmi stated that the company has over 3,000 clients using its software, adding that each client has at least two branches.
He also said that the company will be able to get 15,000 clients by the end of 2023 with a one-and-a-half times increase in revenue.
Using a subscription-based business model, OXO is also planning to add a transaction fee as it is partnering with another undisclosed fintech company to empower its financial solutions.
“We have exceeded SR6 million in revenue since the beginning of the launch, almost 10 or 11 months ago. We are currently integrating with one of the biggest companies offering to buy now pay later services to provide for our clients an opportunity to buy or sell products in monthly settlements,” he added.
Speaking about the geographical expansion, Al-Hazmi stated that the company has good relations with potential clients in Far East markets.
“We have a good understanding of their needs and how big the markets are, so we have a plan to go to the Far East within the second quarter of next year,” he added.
As the Kingdom aims to become a regional financial technology hub, fintech players are rising, creating more opportunities and higher competition.
Al-Hazmi believes that competition is healthy for businesses to thrive, stating that the Saudi market is vast and can take up all kinds of players.


OPEC+ to discuss deep output cuts in Vienna meeting today

OPEC+ to discuss deep output cuts in Vienna meeting today
Updated 10 min 27 sec ago

OPEC+ to discuss deep output cuts in Vienna meeting today

OPEC+ to discuss deep output cuts in Vienna meeting today

RIYADH: The meeting of the Organization of the Petroleum Exporting Countries and allies led by Russia, together called OPEC+, set to take place today in Vienna is an important one and “will take the right decision,” according to the UAE Energy Minister Suhail al- Mazrouei. 

OPEC+ producers are expected to agree to a deep cut in their output target, curbing supply in an already tight market despite US pressure to pump more, according to a Reuters report. 

Citing OPEC+ sources, Reuters reported that OPEC+ will discuss output cuts of up to 2 million barrels per day, and a cut of that magnitude will be the biggest since the pandemic outbreak. 

Ahead of the meeting, oil prices moderated slightly. 

Brent crude was down 0.04 percent to $91.76 a barrel at 10.50 a.m Saudi time, while US West Texas Intermediate fell 0.09 percent to $86.43 per barrel.


Arabian Plastic Industrial Co. to start trading on Nomu on Oct. 5

Arabian Plastic Industrial Co. to start trading on Nomu on Oct. 5
Updated 05 October 2022

Arabian Plastic Industrial Co. to start trading on Nomu on Oct. 5

Arabian Plastic Industrial Co. to start trading on Nomu on Oct. 5

RIYADH: Arabian Plastic Industrial Co.’s shares are scheduled to begin trading on Tadawul’s Nomu-Parallel Market today, Oct. 5.

APICO offered 1 million shares, or 20 percent of its SR50 million ($13 million) market capitalization.

The offering coverage was 15.43 times oversubscribed, with the offer price set at SR27 per share.

Established in 1996, APICO serves customers across different sectors, including but not limited to Almarai Co., flynas, TotalEnergies, and Nahdi Medical Co.

 

 


Saudi startup Jahez to acquire all shares in Marn Business for $16m

Saudi startup Jahez to acquire all shares in Marn Business for $16m
Updated 05 October 2022

Saudi startup Jahez to acquire all shares in Marn Business for $16m

Saudi startup Jahez to acquire all shares in Marn Business for $16m

RIYADH: Jahez International Co. for Information Systems Technology has signed an agreement to acquire all shareholders’ shares of Marn Business Information Technology Co. for SR60 million ($16 million).

The transaction is in line with the online food delivery platform Jahez’s strategy of expanding its business through acquisitions in order to take advantage of the growing opportunities in the industry, it said in a bourse filing.

The completion of this agreement requires the approval of relevant authorities, including approval from the General Authority for Competition.

The financial impact is expected to appear in the second half of the fiscal year 2022, it said.

Marn Business develops an eco-system by integrating digital services with different service providers to build systems for business owners.


Saudi MEPCO’s shares climb as it gets CMA node for 33% capital raise 

Saudi MEPCO’s shares climb as it gets CMA node for 33% capital raise 
Updated 39 min 14 sec ago

Saudi MEPCO’s shares climb as it gets CMA node for 33% capital raise 

Saudi MEPCO’s shares climb as it gets CMA node for 33% capital raise 

RIYADH: Jeddah-based Middle East Paper Co. saw its share price rise in early trade, after it received the Capital Market Authority’s approval to increase its capital to SR666 million ($177 million) in support of the company’s financial position and growth plans.

MEPCO’s shares gained 3.25 percent to reach SR57.20 at 10:07 a.m. Saudi time.

The Saudi-listed paper manufacturer’s plan calls for a 33 percent capital hike from the current capital of SR500 million, according to a bourse filing.

Subject to obtaining shareholders’ nod, the transaction will be conducted by granting shareholders one bonus share for every three shares held.

 


UAE healthcare provider Burjeel's IPO 29 times oversubscribed, final price set at $0.54

UAE healthcare provider Burjeel's IPO 29 times oversubscribed, final price set at $0.54
Updated 05 October 2022

UAE healthcare provider Burjeel's IPO 29 times oversubscribed, final price set at $0.54

UAE healthcare provider Burjeel's IPO 29 times oversubscribed, final price set at $0.54

RIYADH: The UAE-based private healthcare provider Burjeel Holdings set its final offering price at 2 dirhams ($0.54) per share following the completion of its bookbuild and public subscription.

The offering was oversubscribed multiple times as the total gross demand amounted to over 32 billion dirhams, implying a 29-fold oversubscription, the company reported.