Founders of e-commerce start-up to step down

Wadi managing director denies the move was linked to MAF investment

The founders of e-commerce start-up Wadi are set to step down from their positions, following a $30 million investment from retail giant Majid Al Futtaim.

They both say that their decision is not linked to the increasing involvement of Majid Al Futtaim (MAF).

Ankit Wadhwa, co-founder of Wadi, told Gulf News that his decision was a personal one, and he was looking forward to moving from an executive role into an oversight position.

He denied speculation that he was set to leave the company altogether, and said it was “absolutely false” that anyone had been fired since the investment. “This is not related to the MAF investment — absolutely not.”

Fellow co-founder Kanwal Sarfaz, according to Wadhwa, is also said to be departing for personal reasons. Sarfaz will leave the company entirely.

“Kanwal has been looking to take a break for some time,” said Wadhwa. Sarfaz could not immediately be reached for comment.

On October 24, Majid Al Futtaim announced an investment in Wadi, a hotlytipped online grocery delivery platform in Saudi Arabia, of $30 million.

As part of the agreement, the statement said, Carrefour will become Wadi’s longterm strategic partner for supplying food and non-food groceries.