-58%

est. 2Y upside i

E-CommerceSeries C

Stage: exit. Country: UAE

Rank

#3373

Sector

eCommerce / Fashion Retail

Est. Liquidity

~3Y

Data Quality

Data: Medium

The equity carries a high risk of significant downside.

Last updated: July 21, 2026

Bull (25%)+6%

Revenue grows modestly to ~$198M; exit multiple holds at current 1.79x due to Noon ecosystem and regional leadership, implying ~$355M valuation for 5.9% upside.

Base (55%)-76%

Revenue grows to ~$198M; exit multiple converges to public comp median 0.4x, implying ~$79M valuation, a 76% decline.

Bear (20%)-88%

Revenue stagnates or shrinks; exit multiple compresses to 0.2x below comps, implying ~$40M valuation, an 88% decline. Common stock still above liquidation preference.

Est. time to liquidity~3.0 years

Preference Stack Risk

moderate

Funding Intensity

0%

Total preferred overhang of $33M represents 9.85% of entry valuation, which is moderate.

Dilution Risk

low

The company is profitable and likely not raising additional capital in the near term.

Secondary Liquidity

limited

Secondary market transaction in 2022 provided some liquidity, but current activity is unknown.

Questions to Ask at the Interview

Strategic questions based on Namshi's data — designed to show you've done your homework.

  • 1

    “How does the partnership with Noon affect your growth strategy and margin profile?”

  • 2

    “What is the current revenue growth rate and what drives it?”

  • 3

    “What is the typical time to liquidity for private equity at this stage?”

Community

Valuation Sentiment

Our model estimates -58% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.