Aladdinstreet seeks to raise RM221.5mil


  • Business
  • Thursday, 06 Apr 2017

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, according to co-founder and president Datuk Seri Desmond To.

He said currently, the halal 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) 2017here yesterday.

“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 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. – Bernama

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