Mrsool, one of the fast-growing on-demand delivery companies in the Middle East, has been in negotiations for a new financing, which may be announced before the end of the first half (1H) of 2022, according to the company’s CEO and co-founder Ayman Al-Sanad.
The company also plans to invest in the Egyptian sports sector, and has been in negotiations with one of the popular clubs to this end.
Mrsool is considered one of the companies that benefited greatly from the coronavirus pandemic, due to the increased demand for its services during the lockdown period last year.
The company is participating this year in Cairo ICT 2021 as the official delivery partner of the exhibition.
What are the most prominent features of Mrsool’s expansion plans into new regional markets? Are there new services to be added in the application?
Mrsool started in 2015 in Saudi Arabia and had an incredible growth journey. The company has over 10 million users and 800,000 couriers in Saudi Arabia and the Middle East. We saw an incredible growth opportunity in Egypt that we have never seen anywhere else.
It’s also challenging and complicated to start a business, but we will manage to do it. Today, we have a very clear footprint in Egypt. Mrsool comes to make it easier for customers to get whatever they want, and for drivers to have additional income.
Mrsool also wants to expand in GCC countries. We have vertical expanding plans, as we expand on what kind of service we offer. Today, we may be the person who provides what everyone wants, we should also focus on what kind of service we do, for example investing in the kitchen concept, making sure that this process is more streamlined and efficient than before. The competition today is about who can grow this market as fast as possible and who can offer the widest variety options. We also think and look into the small family business. The women who cook at home want to deliver, and we can help them get better contact with their clients and facilitate the whole transaction.
Over about seven years of operation, how could you grow that fast, although the company obtained only one funding?
It is amazing for the company to sustain operation without much flow of investment; however, international expansion requires a quick injection of capital to grow the company. We expect that another round of investment is going to happen, but the details will be announced in the next few months.
What is your strategy to expand in the Egyptian market?
We are looking at Egypt as probably one of the most strategic places for Mrsool to expand in, not only for what it is today but what it is going to be in the next 3-5 years.
Mrsool aims to provide more services, and at the same time we will be expanding in more cities. We operate in the major cities, but in the next stage we will expand nationwide.
What are the countries that you will invest in for expansion?
The GCC region is one of our expansion targets after Egypt, but also the upcoming fund will be used to consolidate our position in Egypt and increase our services.
When could Mrsool be a unicorn?
Some people say it is already a unicorn, if it is not already then it will go for it.
Do you plan to offer the company on the Saudi stock market?
Maybe within 2 or 3 years. We had a concern that the market may not understand the technology our company uses, but today we see that this is changing. The appetite for technology companies is amazing, and there is a movement towards technology which makes the prospect of Mrsool going public better than before.
Is the Egyptian market different from other markets?
I think all markets share the fact that they need someone to help them with anything. Everyone has a different taste of the service they want. In the Egyptian market, the people prefer to be in contact with the service provider which is something we probably offer.