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Cairo Based Discount App Startup: LUCKY
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Cairo Based Discount App Startup: LUCKY

Algebra Ventures has invested in Egyptian loyalty solutions firm Dsquares ahead of the launch of its B2C consumer-tech product, the Lucky Discounts App.

ABOUT
Dsquares was founded in 2012 by Marwan Kenawy, Ayman Essawy, and Momtaz Moussa to assist businesses to enhance client loyalty and retention while also developing expenditure patterns. To provide an end-to-end experience, the company controls all technical, operational, and commercial elements of these products. Dsquares claims to be the region’s fastest-growing loyalty solutions provider, with a customer list that includes Vodafone, Orange, P&G, Visa, Mastercard, PepsiCo, Credit Agricole, Shell, Uber, Souq, and some of Egypt’s largest institutions.

Following their success in the B2B market, Dsquares then moved to the B2C market launched ‘Lucky’ a discount app. Customers can browse for deals and discounts from its partners and redeem them by scanning a QR code at a store using the app, which is accessible on iOS and Google Play.

 

 

SERVICE
Lucky is a consumer mobile app that offers quick savings on apparel, gadgets, and cafés and restaurants. KFC, Hardee’s, Pizza Hut, Ray-Ban, CenterPoint, New Balance, CAT, Samsung, and LG are among its partners.

HOW IT WORKS
Users may browse through several deals on the app, choose the one they wish to use, and then redeem it in the store by scanning the QR code.

WORD FROM THE FOUNDER
“By being the top deals platform, Lucky has been digitising its users’ commerce transactions,” Momtaz Moussa, co-founder and Managing Director of Lucky, stated. We’re using this information to create a more comfortable shopping experience while also optimising discounts and payment options. That degree of user behaviour awareness is now assisting us in introducing financial solutions that would otherwise be unavailable to the majority of our users.”

“With the huge launch of Lucky Discounts App and a strategic collaboration with Algebra Ventures, we are quite enthusiastic about the future of Dsquares,” the company’s founders said. Dsquares will be able to optimise exposure and use innovation and technology to continue servicing companies and customers across Africa and the Middle East as a result of this tactical investment.”

FUNDINGS
Dsquares, a Cairo-based loyalty and incentives solutions provider, announced today that it has secured new financing from Egyptian private equity company Lorax Capital Partners. According to a statement, the investment was made as a consequence of Lorax Capital Partners purchasing a “substantial minority share” in the firm.

Ezdehar Management’s minority investment in Dsquares has also been bought by the business. According to Enterprise, Ezdehar, an Egyptian private equity group, invested in the business in 2018 (the acquisition was disclosed in March 2019) and has a 22.5% interest. As a result, Lorax Cash Partners now controls 22.5% of the firm, plus whatever it has gained through infusing new capital.

The new investment included Algebra Ventures, which had previously invested in Dsquare in 2019.

Dsquares claims to be the largest full-service loyalty solutions supplier in the Middle East and Africa, having been founded in 2012 by Marwan Kenawy, Ayman Essawy, and Momtaz Moussa. It helps its clients enhance customer loyalty and retention by managing all technical, operational, and commercial elements of these solutions. Its clientele includes industry leaders in banking, telecommunications, FMCG, retail, and oil and gas.

To date, Lucky has raised $20 million, of which $15 million was raised alone in 2020.

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