Cosmos Group, a leading investment company, recently sold online powerhouse and UAE’s home-grown website for daily deals, Nail the Deal, for an undisclosed sum.

Cosmos Group is known for providing comprehensive support to the budding community of start-ups and entrepreneurs in the Middle East region.

Cosmos Group was launched by Gaurav Aidasani, a prominent angel investor whose has a diversified portfolio of investments in digital media, eCommerce, online advertising and digital publishing.

“I am pleased to see the company passing into good hands,” said Aidasani.

“The company has been very important to me and I know the new investors have a strategic plan for the firm and happen to be a good cultural fit for Nail the Deal. They not only have the relevant experience but also a growth strategy and investment plan that will position Nail the Deal to increase its digital presence and grow exponentially."

Nail the Deal rose quickly under Aidasani's leadership to become one of UAE’s biggest daily deals website and a large online market place with over 5,000 registered vendors, a statement said.

The coupon website caters to a crowd of digitally-savvy mobile buyers who are accustomed to purchasing everything from tires to dinners to exotic vacations online. The e-commerce market in the Middle East is valued at $4.9 billion and it is expected to be valued at $10 billion, according to the statement.

Wadih Haddad, a former investor, said: “Nail the Deal was a strategic investment for us; job creation and supporting start-ups is something we take very seriously. Being able to enjoy over a 300 per cent return on our investment is a remarkable achievement from Nail the Deal and will enable us to reinvest the proceeds into future projects."

The sale not only recuperates the investment made into Nail the Deal, but also includes funds for growth and expansion into new markets within the region.  “We are seeing a high demand and a major shift in people’s habits when it comes to shopping online. E-commerce is blossoming in the Gulf region, and we are confident that this acquisition will fuel the business,” said Jasim, owner of Jasim Al Ali Group of Companies and the new investor of Nail the Deal.

Nail the Deal like most of the group buying websites signs up a range of businesses to offer discounts to its customers, and takes a percentage of the revenue. – TradeArabia News Service