Namshi, which also provides shoes and accessories, offers over 400 international brands and delivers to customers in the Gulf region. The company has revealed plans to use the investment to expand its service, mainly in Saudi Arabia, its biggest market.
Rising population and the growth of small businesses are expected to support more venture capital transactions in the Middle East and North Africa over coming years.
JP Morgan Chase is a global financial services firm with operations in more than 60 countries. The firm provides investment banking, financial services for consumers, small-business and commercial banking, financial transaction processing, asset management and private equity.
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