Growth for Growth: utu Expansion to Harness Booming Middle East Travel
DUBAI, UAE, June 29, 2023 /PRNewswire/ -- utu, a travel technology company transforming the customer experience in tax-free shopping, has closed a deal of US$33 million in combined transaction value. The deal, comprising of an acquisition and a funding round, consists of both a portion of new funding, with SC Ventures participating, and the roll-over of earlier funding from Singapore-based investors, marking a major milestone in scaling up the brand's endeavours to transform tax-free shopping experiences worldwide. Using the Covid hiatus to establish key partnerships with global airlines such as Emirates, Etihad Airways and Qatar Airways, along with hotel chains and retail brands, utu will use the funds to further expand rewards opportunities for tax-free shopping.
- With growth of internal resources to meet this external growth in the region and beyond, utu, co-founded by travel retail and VAT refund veteran Asad Jumabhoy, is poised to disrupt the travel shopping industry by re-engineering the tax refund process, reaching more travellers.
- Rather than competing with existing players, utu collaborates with refund and travel industry partners, enhancing refund value through innovative B2B and B2C solutions.
- In the Middle East, this value chain extends to major airlines, specifically their frequent flyer programs.
- Asad Jumabhoy, co-founder and CEO of utu, commented: "The cross-border travel market is ripe for a technology-driven transformation, with tax-free shopping presenting vast untapped potential.