ASA Ventures, a venture capital firm based in the UAE, has announced plans to disrupt traditional e-commerce in emerging markets with the launch of ZON, the region’s first fully decentralised mobile based network.
The mobile-first e-commerce venture has completed its pilot test successfully and will launch in the UAE at the start of 2020, the company said in a statement. It added that it plans to quickly expand to other emerging markets following the UAE launch, without naming any countries.
ZON has already received a seed investment of $5 million from Arif Saiyad, founder and CEO of ASA Ventures and the seed fund has been deployed for market research, product development, expanding its retailer network and pilot testing.
Saiyad said the network has already on-boarded, tested and trained over 30,000 sellers – nearly twice the number of sellers active on the country’s largest online marketplace – and has over 16 million SKUs (stock keeping units) currently registered on its platform.