Splashlight Studios, a young e-commerce digital solutions provider has raised seed funding of $1 million from Eagle Ventures, a Dubai-based fund managed by Adit Mehta and Hitesh Ajmera. Backbay Advisors was the financial advisor to Splashlight Studios on the transaction.
"The seed fund is a great vote of confidence for Splashlight Studios and highlights the progress achieved since its launch in 2020. These funds will fuel our entry into KSA which is a huge and exciting market for us after UAE. We've seen hockey-stick growth in e-commerce accelerated by Covid. The e-commerce revenue in the UAE alone is projected to touch $12 billion by 2025. Fashion as a segment sits in the middle of this growth. As more and more new and legacy brands go online in the Mena region, Splashlight Studios has a huge untapped market to expand into," said Kartik Jobanputra, Founder and CEO of Splashlight Studios LLC.
"Due to Covid, demand for e-commerce offerings has witnessed substantial growth globally, especially in the past few months. Splashlight Studios is well-placed to cater to the demand originating in the Middle East as the e-commerce market matures in that region. We trust the business potential and plans to expand across borders," said Ashok Mittal, Partner, Backbay Advisors.-- TradeArabia News Service