Two leading foodtech eGroceries startups, Saudi-based Jumlaty and Egypt-based Appetito have announced their merger into a new entity, NOMU.
Founded in 2020 by Salman Attieh, Jumlaty is a grocery delivery platform that provides B2C and B2B services. Appetito was also founded in 2020, and recently signed a partnership with Purity Information Technology, a Saudi-based IT company, to fund its expansion to Saudi Arabia.
The new company aims to become the leading food-tech supply chain platform in the Middle East and North Africa (MENA) region, with a presence in Saudi Arabia, Egypt, Tunisia, and Morocco.
NOMU currently has the capacity to serve 25 million people and 100,000 F&B stores, including strategic partners such as Savola, Almarai, and Nestle.
Shehab Mokhtar, the CEO of Appetito and now CEO of NOMU, commented on the merger, stating that the two companies have been "working hard to reinvent the grocery supply chain" and that the merger will help the company reach $25 million in revenue and positive EBITDA within 2023.
"Our merger will set us on the path to reach SAR 100 million in revenue (~$25 Million) and positive EBITDA within 2023, with important synergies on the tech, marketing and procurement fronts,” commented Shehab Mokhtar, CEO of Appetito, now CEO of NOMU.
NOMU will have its headquarters in Riyadh, with a holding structure in Abu Dhabi’s International Financial Centre, ideally placed to develop its operations further, with ambitions to cover Pakistan and key sub-Saharan countries in the near future.