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Tiger-Backed Souq.com Said Worth $1 Billion in Fundraising

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Dubai-based online retailer Souq.com, backed by investors including Tiger Global Management LLC, is seeking $300 million for expansion, according to three people with knowledge of the matter.

The fundraising would value the business at about $1 billion, the people said, asking not to be identified as the information is private. New York-based Tiger Global and South Africa’s Naspers Ltd., another existing investor in the company, are leading the fundraising, two of the people said.