{"id":658802,"date":"2025-01-16T00:00:00","date_gmt":"2025-01-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/16\/raseedi-eyes-seven-figure-investment-in-newly-acquired-nanocredit-outfit-kashat-plus-apache-madinet-masr-bank-abc-eroglu-garment-goldman-sachs\/"},"modified":"2025-01-16T00:00:00","modified_gmt":"2025-01-16T00:00:00","slug":"raseedi-eyes-seven-figure-investment-in-newly-acquired-nanocredit-outfit-kashat-plus-apache-madinet-masr-bank-abc-eroglu-garment-goldman-sachs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/16\/raseedi-eyes-seven-figure-investment-in-newly-acquired-nanocredit-outfit-kashat-plus-apache-madinet-masr-bank-abc-eroglu-garment-goldman-sachs\/","title":{"rendered":"Raseedi eyes seven-figure investment in newly acquired nanocredit outfit Kashat. PLUS:  Apache, Madinet Masr, Bank ABC + Eroglu Garment, Goldman Sachs"},"content":{"rendered":"<p class=\"tag-border-left\">FINTECH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Fintech startup Raseedi is set to invest a seven-figure USD sum into Kashat and its <\/strong><strong>subsidiary Pharos Microfinance<\/strong>, with aims to reach a combined portfolio size of EGP 500 mn this year, CEO Ahmed Atalla told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2025\/01\/15\/1861332\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The move follows Raseedi\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f68cc30a-fc86-4ad7-b528-04bc8b8de066\/%253cmark%253eraseedi%253c%2Fmark%253e-completes-full-acquisition-of-nanocredit-outfit-kashat\" style=\"\" rel=\"noopener\">acquisition<\/a> of Kashat this month in an equity deal that will enable the startup to introduce instant microloans. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Funding talks underway:<\/strong> Raseedi is negotiating with a VC firm and three banks for EGP 3 bn in financing over three years, EGP 500 mn of which will be for the current year.<\/p>\n<p class=\"tag-border-left\">ENERGY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>US oil producer Apache further strengthens presence by signing up for four <\/strong><strong>additional Western Desert blocks totaling over 6.3k sqm<\/strong>, representing a 30% increase to the company\u2019s overall concessions in Egypt, according to Mees. The expansion follows an earlier agreement with the Oil Ministry that saw it agree to pay the firm USD 4.25\/mn BTU for gas from new discoveries and untapped assets, up from a price of USD 2.65\/mn BTU for its existing onshore gas output \u2014 representing a 60% price hike, the report reads. <\/p>\n<p class=\"tag-border-left\">REAL ESTATE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Madinet Masr has inked a EGP 263 mn agreement with Al Tawakol Group subsidiary GTCI <\/strong><strong>Constructors<\/strong> to enhance the infrastructure of the real estate developer\u2019s Taj City development, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/1\/960.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The new engineering, procurement, and construction partner will work on expanding water and irrigation tanks in Taj City, in addition to creating green spaces. Work is expected to start and wrap up in 2025. <\/p>\n<p class=\"tag-border-left\">DEBT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bank<\/strong> <strong>ABC has extended a USD 18 mn, seven-year loan to Eroglu Garment<\/strong> \u2014 a subsidiary of Turkish clothing manufacturer Eroglu Holding \u2014 to support the construction of its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b829ddbb-1767-4eb3-b38f-d9121dae41ce\/gasc-is-still-after-its-big-wheat-purchase.-plus:-news-from%253cmark%253e-eroglu%253c%2Fmark%253e-holding,-kima,-concrete-plus,-easy-lease\" style=\"\" rel=\"noopener\">USD 40 mn factory<\/a> in the Suez Canal Economic Zone, the bank said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/1\/959.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The project, expected to create 3k jobs, is part of Eroglu\u2019s plan to expand its operations and make Egypt a regional manufacturing hub. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Eroglu has plenty more in its Egypt pipeline<\/strong>, with the clothing manufacturer breaking ground on a USD 51 mn garments factory in the Qantara West Industrial Zone in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aa1bdc9a-fd03-47c7-9928-212a51bd6ba5\/turkish-firms-erciyas-and-eroglu-working-on-setting-up-garments,-pipeline-factories.-plus:-green-core-%2B--egyptian-electronic-waste-recycling-company,-ebrd-%2B-red-sea-wind-energy,-suez-canal-bank-%2B-mint-real-estate-assets,-sympl,-talabat,-enovate#:~:text=%232%2D%20Eroglu%20Holding,jobs%20when%20operational.\" style=\"\" rel=\"noopener\">November<\/a>, marking its third project in the area within four months. <\/p>\n<p class=\"tag-border-left\">INVESTMENT- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Goldman Sachs discussed investing in Egypt with Investment Minister Hassan El Khatib<\/strong>, during a delegation visit from the investment bank yesterday, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02rKpGyfYUXaA9WMxLjbAgRjkndsG7Qq5bt7vRb89ChJV6G6P6wmXqKY5detBcP3ERl\" style=\"\" rel=\"noopener\">ministry statement<\/a>. Goldman Sachs economist for MENA Farouk Soussa noted that the country\u2019s competitive market and advanced infrastructure offer exceptional prospects for collaboration on initiatives with a sustainable economic impact. The meeting concluded with a commitment to fostering sustainable growth and empowering local businesses, alongside plans to establish a framework for actionable cooperation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Raseedi is negotiating with a VC firm and three banks for EGP 3 bn in financing over three years<\/p>\n","protected":false},"author":1,"featured_media":658803,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,915,2154,3445,102,7106,68,93,72,76,183,7093,260,125,7203,373,91,83,2080],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-658802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-apache","tag-bank-abc","tag-barrick-gold","tag-capital-markets","tag-debt","tag-egx","tag-energy","tag-enterpriseam","tag-financial-regulatory-authority","tag-fintech","tag-gold","tag-goldman-sachs","tag-investment-watch","tag-madinet-masr","tag-mining","tag-oil-and-gas","tag-real-estate","tag-textiles","wpautop","entry"],"acf":{"mongo_id":"af583cd1-d494-4c3d-81ac-c6bf0bb1fb68","order":"13","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/1\/1043.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Raseedi eyes seven-figure investment in newly acquired nanocredit outfit Kashat. PLUS:  Apache, Madinet Masr, Bank ABC + Eroglu Garment, Goldman Sachs","related_issue":[658779],"teaser":"Raseedi is negotiating with a VC firm and three banks for EGP 3 bn in financing over three years","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.64334d3b-1932-4066-a538-5def79af469e.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Raseedi eyes seven-figure investment in newly acquired nanocredit outfit Kashat. 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The company had previously raised USD 400k in seed funding in 2019.About Raseedi: The telecom app launched\u2026","rel":"","context":"In &quot;Startup watch&quot;","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/210.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591321,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/03\/egyptian-telecoms-app-raseedi-raises-usd-400k-in-seed-funding\/","url_meta":{"origin":658802,"position":2},"title":"Egyptian telecoms app Raseedi raises USD 400k in seed funding","author":"enterpriseam admin","date":"3 December 2019","format":false,"excerpt":"STARTUP WATCH- Raseedi raises USD 400k in seed funding: Cairo-based telecoms app Raseedi has raised USD 400k in a seed funding round led by 500 Startups with participation of Falak Startups and EFG-EV Fintech, according to Menabytes. The Android app helps dual SIM card users save money on cross-network charges\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595470,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/26\/startup-raseedi-looking-to-attract-usd-1-5-mn-investments-next-year\/","url_meta":{"origin":658802,"position":3},"title":"Startup Raseedi looking to attract USD 1.5 mn investments next year","author":"enterpriseam admin","date":"26 September 2019","format":false,"excerpt":"Telecom startup Raseedi aims to attract USD 1.5 mn in investments in 2020 to expand into new markets and reach 1 mn users, co-founder Samuel Samy told the local press. Raseedi expects to launch new services by the end of this year, including caller ID, and plans to extend its\u2026","rel":"","context":"In &quot;Telecoms + ICT&quot;","block_context":{"text":"Telecoms + ICT","link":"https:\/\/enterpriseam.com\/egypt\/category\/telecoms-ict\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548597,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/kashat-is-now-available-almost-everywhere-in-egypt\/","url_meta":{"origin":658802,"position":4},"title":"Kashat is now available almost everywhere in Egypt","author":"enterpriseam admin","date":"15 August 2022","format":false,"excerpt":"The region\u2019s first nano-financial services provider, Kashat, has launched in nine new governorates in Egypt, the company said in a press release (pdf). The company is now operating in 24 of the country\u2019s 26 governorates, putting its services in reach of 100.4 mn people. Kashat has raised its loan limit\u2026","rel":"","context":"In &quot;Startup watch&quot;","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561909,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/26\/cairo-angels-invests-in-kashat\/","url_meta":{"origin":658802,"position":5},"title":"Cairo Angels invests in Kashat","author":"enterpriseam admin","date":"26 April 2021","format":false,"excerpt":"Kashat has landed Cairo Angels\u2019 largest investment to date: VC firm Cairo Angels has made an undisclosed investment in our friends at Kashat, according to a press release (pdf). 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