Japanese giant Mitsubishi invests in UAE online tyre retailer
PitStopArabia.com, a UAE-based online tyre retailer, has announced that Mitsubishi Corporation has become a strategic partner and a shareholder in the company. The e-tailer described the investment as a “significant milestone” that will be used to bolster market share by expanding regionally. The value of the investment has not been disclosed.
“The decision to invest in PitStopArabia.com was made after a thorough study of the market as well as the company. The Middle East is experiencing high growth in e-commerce. In the next 5 years, online tyre retail is expected to account for almost 13-15 per cent of all tyres sold in the GCC, compared to less than 1 per cent today,” said Aadil Ishfaq, founder and CEO of PitStopArabia.com.
“MC investment is further validation of the regional business potential and success of UAE governments vision for creating an enabling environment for home grown startups to innovate and flourish. Our aim is to continue to grow rapidly and consolidate our market leadership,” he added.
“This partnership with MC will broaden the product and service offerings we have deployed across our network. I am confident that our customers and partners will start seeing immediate benefits of this partnership.”
PitStopArabia.com was founded in 2015 and supplies more than 40 brands and has 150 installer locations across the UAE.