Clip the Deal successfully raises Series A round

Clip the Deal, Padam Chhabra, Dtec Ventures portfolio, series A, Optiscape Network Holdings

Clip the Deal, Dubai based digital grocery coupons and deals platform announced the completion of their Series A round with a seven-figure amount raised. The Investment round was led by Optiscape Network Holdings, a UAE based Retail and Distribution Investment group with a special focus on Retail Tech. Existing investors, NB Ventures and Mishaal Alireza also participated in the round.

The announcement came as the digital evolution of the grocery retail market has picked pace and Clip the Deal has positioned itself as the go-to digital platform for deals. The app has been the number one trending shopping app on Google Play Store in 2019 and its proprietary technology connecting Offline retail with online product discovery and fulfillment was nominated for Best Tech Collaboration at GITEX Awards 2019.

The company will use the funds to expand into new markets and categories, invest in technology, and to hire top talent to drive business growth.

Padam Chhabra, CEO and Co-Founder of Clip the Deal, said, “We are extremely pleased to welcome Optiscape Network Holdings as a stakeholder and look forward to their mentorship and guidance as we expand in the region and leverage their experience across the Retail & Distribution spectrum in GCC. We see tremendous growth opportunities as we look to change the way consumers approach the $150 Bn Grocery Retail in GCC alone. Our loyal customer base of over 200,000 users and the 200% y-o-y transactional growth through 2019 is a testament to the robustness of our technology, platform, and offering.”

A spokesperson for Optiscape Network Holdings, said, “We have worked with Clip the Deal for a number of years and saw a growing need amongst users for online discovery and fulfillment. Innovation and anticipating future customer needs has been the key to the success of our group and we see Clip the Deal as a very important strategic partner in the years to come. We are already working with the team to help in the expansion of Clip the Deal and leveraging our five decades of GCC retail experience and contacts.”

SOURCE: Magnitt