DUBAI, United Arab Emirates--(BUSINESS WIRE)--PitStopArabia.com, the leading online tyre retailer in UAE, announced today the completion of investment with Mitsubishi Corporation (MC). MC now becomes a strategic partner and a shareholder in the company. The investment is a significant milestone for PitStopArabia.com and is aimed at bolstering their market leadership and growing their foot print regionally.
“The decision to invest in PitStopArabia.com was made after a thorough study of the market as well as the company. The Middle East is experiencing high growth in e-commerce. In the next 5 years, online tyre retail is expected to account for almost 13-15% of all tyres sold in the GCC, compared to less than 1% today,” said Aadil Ishfaq, Founder & CEO of PitStopArabia.com. “MC investment is further validation of the regional business potential and success of UAE governments vision for creating an enabling environment for home grown startups to innovate and flourish. Our aim is to continue to grow rapidly and consolidate our market leadership,” he added.
“MC has excellent competence in both traditional retail and e-commerce in the automotive industry with long standing industry relationships across the MEA region. We will not just have access to growth capital but also leverage MC’s strengths regionally,” he added.
“I am really excited to have found a partner in Mitsubishi who shares our vision of the future and has the same levels of passion for innovation and customer service,” said Ishfaq. “This partnership with MC will broaden the product and service offerings we have deployed across our network. I am confident that our customers and partners will start seeing immediate benefits of this partnership.”
UAE based PitStopArabia.com was founded in 2015 and is the leading online tyre retailer in the country. With over 40 brands and 150 installer locations across the UAE, PitStopArabia.com pioneered a new approach to tyre retailing in the UAE, where customers can select their tyres online and choose to have them installed at their homes or at tyre shop nearby. This simple and efficient purchase process generates exceptional value for motorists and has helped the company grow exponentially.
About Mitsubishi Corporation
MC is a global integrated business enterprise that develops and operates businesses across virtually every industry, including infrastructure, industrial finance, energy, metals, machinery, chemicals, and daily living essentials. MC's current activities have expanded far beyond its traditional trading operations to investments and business management in diverse fields including natural resources development, manufacturing of industrial goods, retail, new energy, infrastructure, finance and new technology-related businesses. With a network of over 200 offices and approximately 1,200 group companies /subsidiaries in some 90 countries worldwide, MC employs a multinational workforce of over 77,000 people. MC’s declared profits for their most recent fiscal year as ¥590 billion.