South Africa's Naspers invests $75 mln in Dubai online retailer

DUBAI, March 24 Mon Mar 24, 2014 12:00pm EDT

DUBAI, March 24 (Reuters) - Dubai-based Souq.com has secured $75 million in funding from South African e-commerce firm Naspers, the UAE online retailer said on Tuesday.

The latest investment by Naspers, which held a 36 percent stake in Souq.com as of November 2013, brings the total money the Dubai firm has raised to $150 million.

Souq.com will use the new funds to invest in its technology and mobile services, it said in an emailed statement.

The company says it is the Middle East and North Africa's largest e-commerce platform, with 6.2 million registered users and 23 million visits per month to its website. (Reporting by Matt Smith; Editing by Greg Mahlich)

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