Why Qyubic believes the Middle East is ripe for coupon disruption

Less than one year after its launch, UAE-based Qyubic, a coupon and discount e-commerce platform, has managed to provide its growing customer base in the Middle East with access to more than 300 brands.

“People in the region are mostly not aware that you can actually get coupons for online shopping brands,” says Qyubic chief executive and founder Namrata Raina. “It gives customers an opportunity to get access to a lot of discounts, coupons, cashback and gift cards for a lot of consumer brands that are particularly online-based,” she says, referring to companies like Noon, Namshi and Now Now, among others.

The mobile and desktop platform is available in the UAE, Egypt, Bahrain, Oman, Kuwait, Saudi Arabia, Qatar, Iraq and Jordan.

Its name is inspired by shopping packages in the shape of cubes, similar to the company's logo, but with a Q added to give it a twist.

“We partner with a lot of local and international brands,” she says. “It's a mix of retailers, distributors, any commerce entity that wants to promote themselves.”

Currently, Qyubic's website organises its coupon and discount offerings within 25 different sections such as home, electronics, fashion, grocery, baby, jewellery, sports and others.

“You don't necessarily think of coupons first, you generally put items in your carts where you're shopping online, and then you realise, 'OK maybe I can put a coupon there',” Ms Raina says.

It's at that step that shoppers can view Qyubic's website, to see if the brand or item is offering a discount code.

Eventually, Qyubic hopes to flip that formula. “Maybe in the future, we will aim to be first in the thought process … We'll aim to be first in the thought process, and then people will go to the brand.”

Ms Raina, who comes from a digital marketing and technology development background, says Qyubic has seen growth from consumers and interest from brands since launching at the Expand North Star conference last year.

She came up with the idea for the start-up after noticing how other markets like the US, Europe and Japan were able to use digital marketing, coupons and cross-promotion in ways that weren't necessarily prevalent throughout the Middle East.

“I wanted to introduce that same concept to this region, and it's a flourishing market in terms of e-commerce,” Ms Raina says.

Groupon, another e-commerce discount platform, is probably the closest thing to a competitor, but Ms Raina says it targets somewhat of a different market.

“It's a similar business model in that they get commissions whenever there's a transaction on a service they are able to sell on their platforms, but we don't focus on services, we focus on products and consumer-related brands, that's our niche,” she says.

Although not often thought about in the context of influence, the coupon market is expected to reach $43 billion in terms of market size by 2033, according to Brainy Insights. While it may conjure up images of people clipping coupons out of newspaper inserts, the explosive growth of e-commerce has created opportunities for coupons in the digital age.

“The somewhat fragmented retail environment can be viewed as the primary opportunity for specialist digital couponing platforms to engage with retailers of any size and sector to achieve broader penetration and greater utilisation,” the report by Brainy Insights says.

That is where Qyubic believes there is an opportunity, especially in the Middle East, where Ms Raina currently sees few, if any, competitors operating in the digital coupon space for consumer goods.

“I really wanted to introduce this concept to the region,” she says.

Qyubic has been able to maintain a relatively slim staff of 10 workers, including herself, who work from the UAE, India and Egypt.

“It's a very lean model. We don't require a lot of resources to manage things because we're building a technology to be scalable, so we've been able to manage our costs and keep things lean.”

Qyubic recently secured its first investment from a Dubai-based firm with a focus on technology start-ups and small and medium enterprises, after being in an advanced bootstrap phase, with Ms Raina and her co-founder providing the initial capital.

The company currently generates revenue through a commission/affiliate-based model.

“Whenever there is a customer who uses an exclusive coupon code on our platform and applies it while checking out, the brand they're purchasing from tracks this along with our own tech, and we're able to know the order where we make our commissions,” she says.

Although the company is currently focused on the Middle East and the Gulf, there's potential for the company to pursue new markets based on the technology used and partnerships with brands that can potentially be secured.

“Brands look at us as a platform that can give them that visibility with a new audience,” Ms Raina says. “That's the attractiveness of our platform … think of us as a tech influencer who wants to promote the brand and products, and wants to provide coupons for customers to stay happy, it's a win/win for the brands and customers.”

Ms Raina, who is originally from India and started as a software developer, has called the UAE home for ten years after pivoting her career based on her interests in marketing and business strategy.

She earned her MBA from the IE Business School in Spain, while also studying through an exchange programme at the University of North Carolina in the US.

“I've had the opportunity to spend the last ten years building and scaling various start-ups, and I was inspired by the UAE's affinity for entrepreneurship to start my own journey,” she says.

“I have that interest in building new concepts for both consumers and businesses and at that intersection is how Qyubic came into being.”

As for the future, Ms Raina says she would like to make Qyubic more of an ad-tech platform, so brands can be promoted throughout the company's web portal and various offerings.

“We want brands to have the chance to promote on our platform and social media channels, that's somewhere down the line as we enhance our business model and revenue streams in the future.”

Q&A with Namrata Raina, founder and chief executive of Qyubic

Where do you see yourself 10 years down the line?

In 10 years, I see myself continuing to grow Qyubic, particularly in the Mena region and beyond. My focus is on leveraging advanced technology, automation, and digital solutions. I am passionate about using technology to innovate and enhance customer journeys, and I aim to expand Qyubic's offerings by building on these capabilities. Additionally, I plan to explore and scale new, innovative concepts that align with my vision for digital transformation and growth, contributing further to the UAE's dynamic entrepreneurial ecosystem.

What is your vision for the company?

Qyubic’s vision is to become a technology-driven leader in the marketing-tech and advertising-tech space, developing a comprehensive suite of products that cater to both the B2C and B2B sectors. Our aim is to create data-driven solutions that enhance the digital marketing landscape, allowing brands to reach consumers in more personalised and effective ways. We are focused on building a robust technological infrastructure that supports growth and scalability.

What is your mantra for success?

My mantra for success is to stay adaptable and resilient. The business landscape is constantly changing, so being open to learning and pivoting is crucial. I also believe in staying customer-focused, understanding their needs, and building solutions that genuinely add value. Finally, perseverance and a positive mindset are essential for navigating the journey of entrepreneurship.

Who is your role model?

Sheikh Tahnoon bin Zayed Al Nahyan, [Deputy Ruler] of Abu Dhabi is my role model. His vision, leadership, and strategic thinking have significantly contributed to the UAE’s global presence and success. I admire his ability to balance economic growth with innovation while maintaining a focus on national and regional stability. His ability to integrate technology and forward-thinking initiatives into national strategy inspires me to apply similar principles in building scalable and impactful ventures.

What would you be doing now if your company didn't exist?

If Qyubic didn’t exist, I would likely be starting another company in the UAE. I am passionate about building innovative businesses and contributing to the region's economic growth. The UAE offers a dynamic environment for entrepreneurs, and I would take the opportunity to explore new ideas, especially in the technology, consumer and digital sectors.

What do you do in your free time?

In my free time, I enjoy swimming, off-roading, reading and travelling. Reading is my gateway to new knowledge and perspectives. Swimming keeps me active and focused while off-roading and travelling fuel my passion for adventure and discovery.