Egypt-based e-payments solutions provider Fawry has acquired a minority stake in elmenus, an Egyptian food delivery platform.
According to the payment provider, the investment is part of its efforts to forge strategic partnerships with high- potential tech companies, with an eye to generating profitable synergies and furthering its objective of developing Egypt’s growing digital ecosystem.
Ashraf Sabry, CEO of Fawry, said, “Fawry is looking forward to its journey with elmenus, working closely with the executive team and entering many ventures together. By this investment, we show our desire to not only be a payment catalyst but to be a strategic partner to elmenus, its customers, restaurants and their riders.”
Fawry’s investments in elmenus provides the company with a strategic foothold in the high-potential food service business sector.
Founded in 2011, elmenus is Egypt-based food discovery platform and a major player in the online delivery space. The company was initially founded to provide users with access to the broadest range of restaurants, along with relevant contact and address information. Having launched online ordering in 2018, and with over 1.5 million monthly users, elmenus has built the most comprehensive platform for restaurant information and food discovery in the country.
Fawry will leverage its role as a strategic investor in elmenus to engage, support, and encourage growth in Egypt’s wider digital ecosystem.
Sabry said, “The Egyptian food space has high growth potential, with technology disrupting the status quo, as customers’ needs in food service provision rapidly change.”
Fawry expects its investments in elmenus to have direct and positive impacts on the size of its customer base and the breadth of its merchant network, enhancing the value provided to Fawry’s stakeholders.
