Dubai’s Invoice Bazaar was acquired by Triterras, Singapore. - MENA startups, innovation, and tech news

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Dubai’s Invoice Bazaar was acquired by Triterras, Singapore.
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Dubai’s Invoice Bazaar was acquired by Triterras, Singapore.

Invoice Bazaar, a Dubai based Fintech startup, established in the year 2016 by Mr. Anand Nagarch in the middle east, whose main purpose was to bridge the gap between buyers and sellers by establishing a supply chain finance services and e-commerce financing in the ‘Gulf Cooperation Council’ markets, has now been acquired by Triterras,Inc, a fintech company based in Singapore, which is known for launching one of the world’s largest commodity trading and trade finance:  Kratos™.

This transaction of acquirement took place on May,17,2021, under the following conditions:

  1. Shareholders of Invoice Bazaar are to be paid 8 million dollars over the next two years by Triterras.
  2. The founding members of Invoice Bazaar in Dubai to be joining Triterras’s existing leadership team.

CEOs of both the companies believe this would prove to be quite a profitable transaction for Invoice Bazaar as well as Triterras as evident in their statements.While, Srinivas Koneru, Chairman and CEO of Triterras said, “This transaction is a truly transformative moment for our Company as it brings together a strong origination team in the Middle East along with an innovative financing solution for merchants to certain e-commerce companies.” Anand Nagaraj, the senior leader of Invoice Bazaar, also stated, “Our whole team is very excited to be joining forces with Triterras.  We believe Triterras will provide us with a robust, established network of top-tier lenders, innovative lending solutions, and technology enhancements to our platforms that will greatly accelerate our growth in capitalizing on tremendous opportunities.”

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