This new venture will allow Capillary Technologies the access to the Kingdom’s fast growing retail, F&B and Manufacturing sector, and the ability to provide continued on-ground support to customers.
The retail industry in Kingdom is currently worth $106 billion and is forecast to steadily rise to $119 billion by 2023, according to Euromonitor. While store-based retailing continues to dominate the sector accounting for $103 billion of the overall market in Saudi Arabia, non-store retailing, which includes online shopping, direct selling, mobile internet, social media and home shopping, is set to grow by 93% from now to 2023.
“The retail sector is on the cusp of transforming into a technology-fueled, consumer-driven industry. Capillary Arabia would be fulfilling the gap in the retail tech in the Kingdom. Our proven success record in the region and customer-centric solutions combined with Veda’s robust retail network and superior market knowledge will provide Capillary Arabia with an unparalleled advantage to develop and digitize the retail ecosystem,” said Aneesh Reddy, CEO and Co-founder Capillary Technologies.
“By providing superior AI-powered technology we are set to help brands tap the immense opportunities by redefining their consumer experience across platforms, improve brand loyalty, and always be consumer-ready,” added
Founded in 2017 by Fahad Alhokair, Veda Holding is an investment holding company providing value and growth capital to startups and mature companies. Veda’s investment portfolio includes a number of world-class luxury fashion and beauty brands.
“Consumers live a fast-paced life and demand an equally fast and personalized experience while shopping instore or online. We are delighted to join forces with Capillary to help brands reinvent themselves and their approach to not only grow their customer base, but also add value to their purchasing experience,” said Fahad Alhokair, Founder, Veda Holding.
“Veda Holding is committed to redefine the retail experience in the country and help retailers drive growth. We believe this joint venture will enable us to jointly explore and develop the retail ecosystem and bring it on par with global standards,” added Alhokair.
With a global clientele of more than 400 marquee brands, consumers are at the heart of Capillary has over 400 global clienteles such as Pizza Hut, Walmart, Herfy’s and Al Hokair Group.