Foodics studies going public in next few years: CEO

Foodics Co. is considering plans for going public within the next three years, CEO Ahmad Al-Zaini told Al-Arabiya TV, adding that it targets the Saudi and US markets.

In 2020, Foodics was licensed by the Saudi Central Bank (SAMA) to provide in electronic financial transactions. It is restaurant management cloud kitchen system that manages sales, transactions, and monthly subscriptions.

The company currently serves over 21,000 restaurants and targets more than 100,000 restaurants in the next two years, Al-Zaini explained adding that its market share in Saudi Arabia exceeds 30%.

Moreover, Foodics plans expansions in Africa and South Asia. “We focus our investment on geographical expansion in countries, like Egypt. We eye entry into the Egyptian market,” he added.

Foodics has recently raised more than SAR 640 million from investment rounds, led by Sanabil Investments, a PIF-owned investment company, Sequoia Capital India and some existing investors.