"With the company posting four straight years of losses (a cumulative $245 million), it's clear why it needed to raise cash, she writes in her Substack."
"Neo shows how the company is highly dependent on the UAE, and that most of its losses stem from employee shares: " They need to get this off the books " to justify a $2 billion valuation."
"Dubizzle has been bulking up over the past year, acquiring Egypt's Hatla2ee, which attracts more than 2 million monthly visitors across its website and mobile app, building on its portfolio of auto platforms, including DriveArabia."
"The company achieved unicorn status in 2020 after a funding round led by Jared Kushner's Affinity Partners."
Dubizzle Group cancelled a planned IPO amid growing concerns about its financial position and valuation. The company reported four consecutive years of losses totaling $245 million, creating an urgent need for capital. A significant portion of the losses stem from employee share expenses that inflate reported losses and complicate valuation. The business remains highly dependent on the UAE market for revenue and user engagement. Dubizzle expanded through acquisitions such as Egypt’s Hatla2ee, which attracts more than 2 million monthly visitors, and bolstered its auto portfolio including DriveArabia. The group operates property platforms Bayut and Zameen and reached unicorn status in 2020 after investment from Affinity Partners.
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