Qatar’s Snoonu enters the Omani market and acquires Akeed for $10 million

Qatar's Snoonu enters the Omani market and acquires Akeed for $10 million

Qatar's Snoonu enters the Omani market and acquires Akeed for $10 million

Pioneer Investors – Qatar’s Snoonu Technologies has announced the Acquisition of Akeed, which is an Omani startup, in a first-of-its-kind deal.

The founder of the Qatari company Snoonu, Hamad Al-Hajri, said that his company had acquired Oman’s Akeed, to be the first regional acquisition of an emerging Qatari technology company.

Al-Hajri explained that the deal represents the exit or exit of an Omani technology company and the first acquisition of an emerging Qatari technology company.

Al-Hajri confirmed that Qatar Snoonu has become the largest technology company in the Gulf region, with 120 engineers and technicians.

Saud bin Abdullah Al-Attiyah, the company’s co-founder, said on Twitter that the recent acquisition reflects the expansion of “Snoonu” in the region, especially in Oman and Kuwait.

Snoonu was founded in 2019 by Hamad Al-Hajri who is a businessman and expert in startups and innovation; to provide many fast technical services over the Internet.

This year it won the “Best Entrepreneur Project” award for the second year in a row; In recognition of its continuous contribution to the development of the entrepreneurship sector in Qatar.

“Snoonu” aims to be the first private Qatari company to reach a market value of one billion dollars, and it has a customer base that exceeds 300,000 users currently.

The company plans to expand and diversify its offerings by adding new features and services to its platform with the aim of entering international markets, including the Middle East and the Commonwealth of Independent States.

In November 2020, Snoonu launched a 24-hour online grocery store offering a wide range of local products and was selected as the best entrepreneurial project by “Qatari Success” for two consecutive years. Also the Forbes Middle East ranked it as one of the most funded startups in Qatar.

Snoonu cooperated with Microsoft to migrate its services to the Microsoft Azure Platform to enhance its efficiency and productivity.

$10 million deal

According to the Qatari newspaper, Al-Raya, the acquisition came after a deal worth $10 million.

Gaurav Anil Nahar, the CEO, and co-founder of Akeed praised the cooperation with Snoonu, which will add value to the Omani market.

Akeed was founded in 2018 by Musa Al Lawati, Gaurav Nahar, and Darshan Puranik, to offer on-demand food delivery services and later expanded to grocery delivery.

The app now has more than 1,500 restaurant partners across the Sultanate of Oman.

The “Akeed” application is also the first Omani application specialized in food delivery and aims to contribute to the digitization of the restaurants and stores sector in the Sultanate of Oman and to develop its technologies, taking advantage of the recent investments that it obtained.