{"id":36250,"date":"2024-11-11T17:58:19","date_gmt":"2024-11-11T14:58:19","guid":{"rendered":"https:\/\/entarabi.com\/?p=36250"},"modified":"2024-11-11T17:58:19","modified_gmt":"2024-11-11T14:58:19","slug":"tajarib-announces-qicards-acquisition-of-iraqs-leading-e-commerce-platform-miswag","status":"publish","type":"post","link":"https:\/\/entarabi.com\/en\/2024\/11\/tajarib-announces-qicards-acquisition-of-iraqs-leading-e-commerce-platform-miswag\/","title":{"rendered":"Tajarib Announces QiCard\u2019s Acquisition of Iraq\u2019s Leading E-commerce Platform Miswag"},"content":{"rendered":"
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To expand its footprint within Iraq’s digital economy, Tajarib announced that the International Smart Card Company (widely recognized as Qi or QiCard) has acquired Miswag, Iraq\u2019s largest e-commerce platform, for a confidential seven-figure amount. The announcement occurred during \u201cInvestor Connect,\u201d an event organized by Tajarib in collaboration with The Station, which brought together founders and startup leaders with potential investors and capital providers.<\/p>\n

Building a Digital Success Story: Miswag\u2019s Journey<\/h3>\n

Miswag, founded in 2014, started from humble beginnings but quickly grew to become a key player in Iraq\u2019s e-commerce sector, addressing specific local market needs and establishing a strong customer base. Known for its dedication to quality and customer satisfaction, Miswag stood out early on in Iraq\u2019s digital market, which helped it evolve steadily with the country\u2019s technological landscape.<\/p>\n

Between 2016 and 2019, Miswag raised $3 million from both Iraqi and international investors, showcasing the significant confidence the investor community holds in Iraq\u2019s tech ecosystem and Miswag\u2019s unique position within it. The acquisition was finalized earlier this year, but it was only announced recently as essential integrations in services, team structures, and operational processes were completed. Though the financial specifics of the acquisition remain undisclosed, it’s widely believed that the transaction involved a seven-figure amount, fully transferring ownership of Miswag to Qi.<\/p>\n

Statements from Key Leaders<\/h3>\n

Ammar Ameen, Founder and CEO of Miswag, reflected on the milestone: \u201cBeing the first and oldest homegrown tech startup in Iraq, Miswag has always been committed to laying the foundation of Iraq\u2019s new tech economy. This acquisition marks a significant turning point in our journey as it grants us access to an expanded set of resources and substantial ecosystem integrations that will enable us to grow more effectively, both horizontally and vertically.\u201d<\/p>\n

He added, \u201cWe are excited to start this new chapter as a core part of the Qi group. Miswag\u2019s innovation and experience will now contribute to Qi\u2019s broader mission to foster digital transformation in Iraq, creating more employment opportunities and unlocking new growth potential for the local market.\u201d<\/p>\n

Ali Moneam, Qi\u2019s CEO, highlighted that the acquisition aligns perfectly with Qi\u2019s strategic shift to broaden its service offering into e-commerce, a vital sector in Iraq\u2019s digital evolution. \u201cIntegrating Miswag will greatly enhance our customer experience and solidify our ongoing commitment to innovation and market growth,\u201d he stated.<\/p>\n

Similarly, Luay Al-Obaidi, Qi\u2019s Chief Product Officer, noted, \u201cWe pursued this acquisition as part of a deliberate decision to expand beyond payments, to serve a more holistic role in people\u2019s lives through e-commerce. We aimed to partner with the best in the Iraqi market\u2014the longest-standing and most innovative platform with a team that meticulously built it from the ground up. That\u2019s why we chose Miswag.\u201d<\/p>\n

Al-Obaidi further explained Qi\u2019s approach to the acquisition: \u201cTo preserve Miswag\u2019s agility and its dedication to improvement, we adopted a hands-off approach. We kept their operations intact, left the team structure unchanged, and retained Ammar as CEO. Post-acquisition, our involvement has been limited to enabling their integration with our SuperQi app and equipping them with payment solutions, allowing them to continue their growth independently.\u201d<\/p>\n

Unleashing New Growth Avenues<\/h3>\n

Since the acquisition\u2019s conclusion in April this year, Miswag has witnessed a tenfold increase in growth, which can be attributed to the synergy with Qi and the introduction of new features such as \u201cAqsat Mall,\u201d a buy-now-pay-later service. This feature has significantly broadened Miswag\u2019s reach, giving it access to a wider Iraqi audience and helping increase both revenue and sales while reducing operational resource demands.<\/p>\n

Originally renowned for pioneering financial inclusion and electronic payment solutions within Iraq, Qi is now expanding its reach by engaging directly with consumers through digital platforms and physical products. This strategic pivot signals Qi\u2019s intention to diversify its revenue streams away from state contracts, positioning itself as a multifaceted company that meets the broader needs of Iraqi consumers in their daily lives. Through its integration with SuperQi, Miswag will now operate as a mini-app within the larger platform, giving it exposure to millions of users every month.<\/p>\n

Shaping Iraq\u2019s Digital Landscape<\/h3>\n

The acquisition is seen as a pivotal shift in the Iraqi corporate landscape, as it signifies a maturing market where mergers and acquisitions are viable growth strategies. Unlike traditional methods of developing in-house alternatives, Qi opted for an acquisition, a strategy that demonstrates the evolving sophistication of Iraq\u2019s market.<\/p>\n

As part of this shift, Miswag now operates alongside other major players such as Tamata (operated by the Earthlink Group), Amal (a subsidiary of the Majd Digital Group), and Shopini (owned by Basra-based Fusteka Group). Despite the presence of these competitors, Miswag\u2019s streamlined operations, robust customer experience, and strategic integration with Qi\u2019s financial solutions give it a strong edge in the market. Analysts expect that this unique combination will further solidify Miswag\u2019s position as Iraq\u2019s leading e-commerce platform.<\/p>\n

Through this acquisition, Qi and Miswag are poised to redefine the digital economy in Iraq, creating a stronger, technology-driven foundation for future growth. With enhanced e-commerce options and financial solutions, Qi\u2019s partnership with Miswag offers a new level of convenience and innovation for Iraqi consumers, setting a benchmark for digital growth in the country.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

To expand its footprint within Iraq’s digital economy, Tajarib announced that the International Smart Card Company (widely recognized as Qi or QiCard) has acquired Miswag, Iraq\u2019s largest e-commerce platform, for a confidential seven-figure amount. The announcement occurred during \u201cInvestor Connect,\u201d an event organized by Tajarib in collaboration with The Station, which brought together founders and […]<\/p>\n","protected":false},"author":37,"featured_media":36251,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"post_subtitle":"","footnotes":""},"categories":[1810],"tags":[],"class_list":["post-36250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech"],"_links":{"self":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts\/36250","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/comments?post=36250"}],"version-history":[{"count":0,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts\/36250\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/media\/36251"}],"wp:attachment":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/media?parent=36250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/categories?post=36250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/tags?post=36250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}