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Wednesday, 5 April 2017 | MYT 10:00 PM

Halal online marketplace Aladdinstreet seeks to raise US$50mil

Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi (centre) officiates the soft launch of Aladdinstreet.com at Malaysia International Halal Showcase 2017. - Bernama pic

Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi (centre) officiates the soft launch of Aladdinstreet.com at Malaysia International Halal Showcase 2017. - Bernama pic

KUALA LUMPUR: Aladdinstreet.com aims to raise US$50mil (RM221.5mil) in the next six months to expand its business globally and enhance its advertising and promotions, said co-founder and president Datuk Seri Desmond To.

He said currently, the halalan toyyiban online marketplace had raised US$5mil with investors from Singapore, Hong Kong, Europe, Japan, the Middle East, China and the United States.

“The expansion plan across 40 countries would be carried out in two phases with the first phase covering 30 countries in 18 months, providing an entry for some four billion customers,“ he told reporters on the sidelines of the Malaysia International Halal Showcase (Mihas) 2017 in Kuala Lumpur on Wednesday.

“The second phase will follow right after that and it will involve 10 more countries over six months,” he added.

Aladdinstreet.com has also signed on as Manchester United’s (English football club) exclusive global partner for the next five years.

“We are a fairly new company and to be competitive in the e-commerce space, we need to have an edge and partner a global brand like Manchester United which will give us that edge,” he said, adding that the partnership would also allow the firm access to the club’s worldwide fans.

Aladdinstreet.com would also seek partners in other sports, for instance, cricket in Pakistan and India, and badminton in China,” he added.

If all goes as planned, the company would see a listing on the New York Stock Exchange by 2020. - Bernama
 

Tags / Keywords: Corporate News , Markets , Aladdinstreet com , Halal

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