Devsinc acquires Alchemative, bolsters ecommerce and fintech presence in $22bn regional market

KARACHI: Devsinc, a prominent Pakistani IT company, has announced the acquisition of Alchemative Group, a leader in ecommerce and digital retail solutions. This strategic move positions Devsinc to capitalise on the burgeoning regional digital retail market, valued at a substantial $22 billion across key markets like Pakistan, the UAE and Saudi Arabia.

The acquisition is particularly significant given the rapid growth of ecommerce in the region. Saudi Arabia’s market, the largest within the GCC, reached $8.7 billion in 2023. The UAE’s sector is projected to soar to $6.98 billion by 2024, exhibiting an impressive annual growth rate of 8.62 per cent. In Pakistan, online retail sales are poised to surpass $7 billion by 2025, fuelled by an 18 per cent annual growth rate. The nation’s young, tech-savvy population and escalating internet penetration (36 per cent in 2023) are driving demand for ecommerce platforms and digital payment solutions.

This acquisition presents Devsinc with a unique opportunity to solidify its position in the burgeoning ecommerce and fintech sectors. Notably, the acquisition encompasses UnumPay, a leading payment platform in the country boasting a 24 per cent market share and over 1,200 active business clients.