Kitopi Raises $50M Debt Funding Led by EvolutionX in Its First GCC Investment
Dubai, UAE – EvolutionX, the growth-stage private credit platform established by Temasek and DBS Bank, has announced its first investment in the Gulf region, leading a $50 million debt financing round raised by Kitopi, the Middle East’s leading next-generation F&B ecosystem.
The funding follows Kitopi’s achievement of its profitability milestone and reflects a strategic shift toward less-dilutive capital, enabling founders and key investors to preserve ownership while fueling continued growth.
The investment will support the expansion of Kitopi’s homegrown brands across high-growth GCC markets, including the UAE, Saudi Arabia, Qatar, Bahrain, and Kuwait, while accelerating its regional and international franchising strategy.
Kitopi currently operates over 200 locations spanning both dine-in restaurants and delivery-only kitchens, powered by its proprietary technology stack SKOS, which enables inventory management, consumer data analytics, and operational efficiency across its ecosystem.
Rahul Shah, Partner at EvolutionX, said:
“Kitopi is a standout example of the kind of transformative, tech-driven scaled up business that EvolutionX has been set-up to empower, one that combines scale, innovation and execution to reshape a traditional sector. This investment marks our entry into the GCC, a region we see as a rising force in the global innovation landscape. We are proud to partner with Kitopi, a company that is reshaping F&B business models and reimagining customer engagement. As they scale their ecosystem and elevate food experiences across the region and beyond, we look forward to supporting their next chapter of growth and innovation.”
Mohamad Ballout, CEO and Co-Founder of Kitopi, added:
“As we continue to scale our loyalty app alongside our regional growth and international franchise expansion, this funding round positions us perfectly to capitalize on the growing demand for our brands. What began as a local presence has evolved into a regional platform, and we’re now taking that momentum global.”
The investment underscores EvolutionX’s broader mission to provide flexible, structured debt solutions to high-growth, technology-enabled companies across emerging innovation hubs, reinforcing Kitopi’s position as a market leader shaping the future of the GCC’s F&B landscape.
