Devsinc Acquires Alchemative to Dominate $22 Billion E-Commerce and Fintech Market

KARACHI: The acquisition of e-commerce and digital retail solutions leader Alchemative Group has been announced by famous Pakistani IT business Devsinc. With this strategic move, Devsinc is well-positioned to take advantage of the growing digital retail sector in the area, which is worth a considerable $22 billion across major countries such as Saudi Arabia, the United Arab Emirates, and Pakistan.

The transaction holds great importance considering the breathtaking rise of e-commerce in the region. At $8.7 billion in 2023, Saudi Arabia’s market was the biggest among the GCC. By 2024, the UAE’s sector is expected to reach $6.98 billion, showing an exceptional yearly growth rate of 8.62%.

With an annual growth rate of 18%, Pakistan’s internet retail sales are expected to top $7 billion by 2025. Online marketplaces and payment processing solutions are in high demand due to the country’s youthful, tech-savvy populace and its rapidly expanding internet penetration (36% in 2023).

With this acquisition, Devsinc can further establish itself in the rapidly growing e-commerce and finance industries. One notable aspect of the deal is the inclusion of UnumPay, a prominent payment platform in the country. UnumPay has a 24 percent market share and serves more than 1,200 active corporate clients.