Foodics, the leading POS software and restaurant management system for F&B businesses in the Middle East & North Africa, is aiming to hit $100 million in annual recurring revenue by the end of 2025, its Chief Operating Officer Djamel Mohand told Postmoney.
He didn’t share company’s current revenue numbers but said that it is halfway to its goal, hinting that the Saudi firm is doing close to $50 million in annual recurring revenue.
Djamel shared these remarks in the latest episode of The Postmoney Show.
Speaking about their revenue mix, the Foodics executive said that they make money from software (Point-of-Sale and other products) and payments. He said that until three years ago, 100 percent of their revenue was from the software business, but with the recent growth of revenue coming in from payments, software now contributes 60 to 70 percent of the total company revenue, with the rest coming from payments.
“We quadrupled our payment revenue [in the last twelve months]. We used to offer our merchants payment terminals only but now we have full suite of integrated [payment] products, including customer display screens that can accept payments directly without the need of external payment terminal. Our Waiter app can also accept payments directly. We have also launched Foodics One, which is an all-in-one mini POS for retail, which helped us increase our payment revenue” stated Djamel in the podcast.
He also said that Foodics expects payments to contribute 50 percent of the company’s revenue by mid 2025.
Answering a question on when Foodics is expected to go for an IPO, Djamel said, “For us, what’s important is to be a strong business, a strong, scaled, profitable business so we can have all the cards in our hands. We don’t want to take a solution by default. The good thing is that we have the trust of our investors; we still have good liquidity from our previous round. So, we have the luxury of time to build that solid business. Yes, the IPO is option number one for us.”
“There is a big excitement towards the capital market, the stock market, and we see amazing excitement from the government, from the regulatory entities, from all the investor landscape for us to list, and they are waiting for that IPO. But we want to list at the right time when it makes sense,” he added.
He did not share an exact timeline but said that they will probably list before hitting $100 million ARR number.
Foodics last raised $170 million in a Series C round led by Prosus and Sanabil Investments in early 2022.
