PitStopArabia.com announces Mitsubishi strategic investment
Online retail will account for almost 13-15% of all tyres sold in the GCC, says PitStopArabia.com
Mitsubishi Corporation (MC) is now a shareholder of PitStopArabia.com in a move the online tyre retailer is describing as a “significant milestone”.
PitStopArabia.com said a partnership with MC will bolster its “market leadership and growing foot print regionally”.
“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 five years, online tyre retail is expected to account for almost 13-15% of all tyres sold in the GCC, compared to less than 1% today,” said Aadil Ishfaq, CEO, 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: “MC has excellent competence in both traditional retail and e-commerce in the automotive industry with long standing industry relationships across the MEA region. We will not just have access to growth capital but also leverage MC’s strengths regionally.”
PitStopArabia.com was founded in 2015 and claims it is the leading online tyre retailer in the UAE. With over 40 brands and 150 installer locations across the UAE, PitStopArabia.com enables customers to select their tyres online and choose to have them installed at their homes or at a nearby tyre shop.
“I am really excited to have found a partner in Mitsubishi who shares our vision of the future and has the same levels of passion for innovation and customer service” said Ishfaq. “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”.
