Akshay Dosaj, left, and Asif Rashid, co-founders of Bidzi, say their platform aims to simplify and speed up the business-selling process in the UAE. Antonie Robertson / The National
Akshay Dosaj, left, and Asif Rashid, co-founders of Bidzi, say their platform aims to simplify and speed up the business-selling process in the UAE. Antonie Robertson / The National
Akshay Dosaj, left, and Asif Rashid, co-founders of Bidzi, say their platform aims to simplify and speed up the business-selling process in the UAE. Antonie Robertson / The National
Akshay Dosaj, left, and Asif Rashid, co-founders of Bidzi, say their platform aims to simplify and speed up the business-selling process in the UAE. Antonie Robertson / The National

How Bidzi seeks to streamline mergers and acquisitions for SMEs


Deepthi Nair
  • English
  • Arabic

Akshay Dosaj became an entrepreneur in 2015 and managed six restaurant brands across 19 locations throughout the UAE.

Having scaled and exited multiple businesses of his own, he was well aware of the challenges at every step during a merger and acquisition transaction – finding professional help for marketing materials and financial projections, sourcing the right buyers, and accessing affordable legal services.

Additionally, securing an escrow agent – a third party who holds assets or a sum of money in safekeeping until completion of a contract – was nearly impossible, he recalls. Mr Dosaj shared these struggles with his friend Asif Rashid, who had spent a decade at Microsoft specialising in productivity and cloud computing.

With up to 700,000 SMEs in the UAE and an average lifespan of 8.5 years, there are numerous businesses that are either shut down or change ownership every single year
Asif Rashid,
co-founder and chief operating officer, Bidzi

Together, they envisioned automating and simplifying the mergers and acquisitions (M&A) process into a seamless, singular solution. They conceptualised Bidzi, a UAE-based digital platform that seeks to streamline that process amid the rapid growth of small and medium enterprises.

“With up to 700,000 SMEs in the UAE and an average lifespan of 8.5 years, there are numerous businesses that are either shut down or change ownership every single year,” says Mr Rashid, co-founder and chief operating officer of Bidzi. “These businesses require a range of high-quality corporate and M&A services at affordable prices – both of which are currently elusive due to the prevailing fragmented nature of these services and the high cost of expert advisers.

“For example, hiring a broker, a lawyer, an escrow agent and an M&A adviser can quickly raise the costs of selling one’s business, and the business owner may look at dropping essential services like legal support and escrow to finish the transaction. Bidzi addresses these challenges by simplifying and speeding up the business-selling process in the UAE.”

Bidzi, which went live in May, offers a curated marketplace of vetted businesses and connects sellers with qualified buyers. The platform simplifies the traditionally complex sale and acquisition process by consolidating all essential services, such as business valuation, production of high-quality marketing materials, buyer matching, due diligence, legal support and escrow, into a single platform.

“This is unlike the traditional approach that requires clients to engage multiple specialists including M&A advisers, brokers, lawyers and escrow agents,” says Mr Rashid. “This comprehensive approach simplifies transactions, making it easier for SMEs to navigate the complex M&A process.”

Akshay Dosaj, left, and Asif Rashid say Bidzi’s focus is on SMEs with an enterprise value ranging from Dh1 million to Dh100 million. Antonie Robertson / The National
Akshay Dosaj, left, and Asif Rashid say Bidzi’s focus is on SMEs with an enterprise value ranging from Dh1 million to Dh100 million. Antonie Robertson / The National

About 94 per cent of all companies operating in the UAE are SMEs, employing more than 86 per cent of the private sector labour force, data from the Ministry of Economy shows.

The Emirates aims to increase the number of SMEs operating in the country to one million by the end of 2030 as it seeks to boost their contribution to the economy. SMEs contribute 63.5 per cent to the country’s non-oil gross domestic product, Minister of Economy Abdulla bin Touq said last year.

Mergers and acquisitions activity in the Middle East and North Africa region surged to $86 billion in 2023, recording a 4 per cent increase from the previous year. In contrast, global M&A activity decreased by 15 per cent during the same period, according to research by consultancy EY this year.

The GCC region was pivotal in Mena’s deal-making activity last year, accounting for most of the deals with 565, valued at $83.2 billion. The UAE and Saudi Arabia accounted for 305 deals valued at $24.8 billion.

Bidzi’s focus is on SMEs with an enterprise value ranging from Dh1 million ($272,294) up to Dh100 million, the co-founders say.

Mr Rashid says a common mistake owners make when selling their businesses is failing to seek expert help. Engaging experienced professionals who can manage the entire exit process allows owners to focus on running their business, ensuring the sale proceeds efficiently, he explains.

They also have unrealistic expectations about the business's value. “We frequently see unprofitable businesses asking for inflated valuations, creating a significant gap between buyer interest and the asking price … finally, underutilising escrow services. Using escrow can provide ease in the minds of both parties during the licence and fund transfer process.”

Mr Dosaj, who is chief executive of Bidzi, recommends that business owners plan for a sale timeline of three months to a year, depending on the complexity of their business, data readiness and industry specifics.

The first step is to get the data ready for an information memorandum that outlines the business highlights, key financials, investment thesis, industry outlook, future projections and additional insights such as intellectual property registration and the presence of any debt, he explains.

“While selling a business typically involves 37 steps, the key ones focus on engaging and negotiating with a broker or M&A adviser, a law firm, an escrow agent, and a public relations officer,” says Mr Dosaj, who started his career in 2005 as a corporate lawyer at Norton Rose Fulbright (UK).

Once rates are agreed, each stakeholder plays a distinct role in the sale process. The broker or M&A adviser gathers the detailed company data to create the information memorandum that presents the business attractively to prospective buyers. The lawyer handles crucial documents such as the non-disclosure agreement, letter of intent, and the share sale and purchase agreement or the asset purchase agreement, and negotiates terms with prospective buyers, Mr Dosaj says.

The escrow agent manages the escrow agreement and fund disbursement when the deal is closed, while the public relations officer facilitates the licence transfer to the new owner, he adds.

With security measures, including anonymous listings and Know Your Customer verification, Bidzi seeks to safeguard buyers and sellers.

“Anyone can register as a buyer on Bidzi, but a KYC verification is run on each user before they are able to access the plethora of tools on the portal,” says Mr Dosaj. “Business owners wishing to sell are carefully vetted to ensure that only genuine and quality businesses are listed for the public.”

COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

Bidzi charges the seller a flat fee of 5 per cent of the transaction value, payable upon completion of the sale.

The platform also offers marketing materials and business intelligence to support informed decision-making, addressing the critical need for verified information in the mergers and acquisitions process. Bidzi provides legal support for document creation, negotiation and finalisation.

“Our mission is to make the M&A process accessible and efficient for SMEs,” Mr Dosaj says. “Bidzi’s platform removes the complexities and barriers traditionally associated with M&A transactions, providing a transparent, secure and seamless experience that empowers businesses to make informed decisions.”

The company currently operates in the UAE, with most of the opportunities originating from Dubai and Abu Dhabi, the co-founders say. Plans include expansion into the wider GCC region, as well as India and Pakistan.

The start-up's clients range from serial entrepreneurs and high-net-worth individuals establishing their base in the UAE to established business owners seeking exits, they add. “We are currently working with clients across various sectors, including FinTech, retail, trading, electronics, manufacturing, health and wellness, and hospitality,” Mr Rashid says.

Bidzi is registered with Dubai’s Department of Economic Development and has an office in Emaar Square, Downtown Dubai. There is a team of nine employees and consultants working on UAE transactions. The company is bootstrapped with personal funds from the co-founders.

“Like many pioneering start-ups, Bidzi faces challenges in market education and building trust with clients unfamiliar with M&A processes,” Mr Dosaj says. “However, our commitment to simplicity and privacy, along with our expertise and experiences, has allowed our value proposition to resonate with entrepreneurs on both sides of the spectrum.”

Q&A with Bidzi co-founders Akshay Dosaj and Asif Rashid

What already successful start-up do you wish you had started?

Akshay: OpenAI

Asif: Telegram

What is your next big dream to make happen?

Akshay: Over the next 18 months, we plan to expand Bidzi beyond the UAE into key markets across the GCC, including Saudi Arabia, Kuwait and Qatar.

Asif: Orchestrate the successful sale of an array of businesses with a combined enterprise value of Dh500 million. We estimate that the average business’s asking price will range between Dh5 million to Dh10 million. Based on this, targeting the sale of 100 businesses, each valued at the lower end of Dh5 million, will allow us to achieve the Dh500 million goal.

What new skills have you learnt in the process of launching your start-up?

Akshay: I have always wanted to launch a tech start-up and working with Asif has provided great insight into what it truly takes.

Asif: I have learnt a great deal from Akshay on how to review legal documents, identify key clauses to watch out for, and recognise issues that can arise from poorly drafted transaction documents.

If you could start all over again, what would you do differently?

Akshay: I would have started earlier and launched Bidzi at least five years ago.

Asif: I would have started earlier as well.

Who is your role model?

Akshay: I draw inspiration from Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, whose visionary leadership and fearless pursuit of ambitious goals deeply resonate with my own aspirations for Bidzi.

Asif: I find [Nike co-founder] Phil Knight’s life story truly impressive and inspirational. From his humble beginnings, he trod uncharted waters, took on significant risks, and overcame setback after setback through relentless resourcefulness, ultimately building a brand recognised by billions worldwide.

COMPANY%20PROFILE
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Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.

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THE SPECS

      

 

Engine: 1.5-litre

 

Transmission: 6-speed automatic

 

Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

On sale: now  

 
The bio

Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home

Specs

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Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

If you go

The flights

Etihad and Emirates fly direct from the UAE to Chicago from Dh5,215 return including taxes.

The hotels

Recommended hotels include the Intercontinental Chicago Magnificent Mile, located in an iconic skyscraper complete with a 1929 Olympic-size swimming pool from US$299 (Dh1,100) per night including taxes, and the Omni Chicago Hotel, an excellent value downtown address with elegant art deco furnishings and an excellent in-house restaurant. Rooms from US$239 (Dh877) per night including taxes. 

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The specs

Engine: 3.8-litre twin-turbo V8

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MATCH INFO

Manchester City 0

Wolves 2 (Traore 80', 90 4')

SPECS
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Match info

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Juventus v Valencia, Tuesday, midnight (UAE)

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
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Indoor cricket in a nutshell

Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side

8 There are eight players per team

There have been nine Indoor Cricket World Cups for men. Australia have won every one.

5 Five runs are deducted from the score when a wickets falls

Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs

B Side nets, between the striker and halfway down the pitch: 1 run

Side nets between halfway and the bowlers end: 2 runs

Back net: 4 runs on the bounce, 6 runs on the full

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

Updated: October 28, 2024, 6:03 AM`