Online food delivery platform Elmenus is planning to expand into new African markets by the end of the year, according to Amir Allam, the company’s founder and CEO.
Elmenus has not yet identified target countries but the expansion would begin with countries that are demographically similar to Egypt, Allam said.
The Algebra Ventures-backed platform also plans to expand its food delivery services from Alexandria and Cairo to 15 governorates by the end of the year and is aiming to grow its market share to 50%, from the current 20%, within the next two years.
Despite rapid growth, the food delivery market still has a lot of untapped potential, Allam says.
The company has seen a boom in revenues and market value on the back of the sector’s rapid growth during covid-19, but more than 90% of Egyptians ordering takeout still do so by phone, Allam says, meaning the USD 2.5 bn market still has huge growth potential.
