Kuwaiti e-commerce platform Yahaal has raised an undisclosed amount in its Series-A funding round, the company has confirmed. For those out of the loop, Yahaal is a fast-growing online marketplace for baby products.
There was some confusion earlier as a part of the local and regional media wrongly reported that Yahaal has raised $27 million in the latest round. The company has since clarified that this is not true, adding that the net valuation of Yahaal currently stands at $27 million, and that is not the amount of newly infused capital from the Series-A round. Yahaal, however, has not disclosed the net yield from the round.
Yahaal’s online marketplace is available as mobile-only apps on both Android and iOS platforms. The platform deals in a wide variety of baby products including healthcare products, food items, toys, gears, and so on.
As of today, the Yahaal Android app has more than 10,000 active users, with a comparable corresponding figure for the iOS ecosystem.
The company has said that the COVID-19 pandemic and the ensuing restrictions have helped the company expand its presence in the market.
“While the Covid-19 pandemic interrupted markets across cities and countries, the demand for online shopping has substantially increased. During the early stages of the pandemic, we witnessed a great number of new customers using Yahaal App and we are proud to have retained a great percentage of those customers,” Ali AlZankawi, Yahaal’s co-founder and CEO, noted.