Maalexi is an agritech start-up that was founded in 2021, headquartered in Dubai, Abu Dhabi, and the US, by Azam Pasha and Rohit Majhi. It would focus on food security in the UAE by connecting the small symbolising food and agribusiness houses of the Emirates with the international suppliers.
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Business Model and Focus
Maalexi provides a direct service to manufacturers and distributors to source their food products worldwide. Retailers also avail themselves of the solution, but the amount used is proportionally smaller. Issues of supply chains and risk are resolved therein with special care taken to promptly pay handsomely to the sellers and to amply assure the quality of the product to the buyers.
He explained further that Maalexi, with a background in international trade and supply chain finance, sells through risk mitigation for sellers and purchase in the same manner. Products on the platform must meet the contracted quality and quantity standards; he said inspection is aided through AI technology. Customers can also make payments in flexible plans: 25% upfront, then balance within 30-45 days.
Growth and Impact
Since half a year of operations, Maalexi has enabled the import of over 29 million kilograms of products into the UAE from over 27 countries. While in the early adoption stage, business has been growing rapidly, and in 2023, it saw a 2,300% increase in revenues compared to 2022, with hundreds of thousands of SMEs adopting it already.
Such a success has been backed by strong partnerships of the startup with global players, such as DP World, which provides storage facilities for the company. Maalexi also raised $5.8 million in funding from investors such as Global Ventures and Stride Ventures. The company is planning for further expansions in other GCC countries.
Strategic Importance
Maalexi is in alignment with the UAE National Food Strategy, 2051, in which the Emirates looks to become the best in the Global Food Security Index through sustainable food production, employing the use of modern technology. The UAE is placing itself on the world map for food logistics to underpin the diversification agenda based on oil, and food and agriculture form the noble path in the transition.
For the future, Maalexi will find new investment opportunities to expand its operations and develop new, advanced, and innovative technologies to further support SMEs and strengthen their supply chains in the area.
