The website was founded in 2005[7][8] by Ronaldo Mouchawar and was originally a consumer-to-consumer auction site part of Maktoob Group.

[10] In late 2012 Asif Keshodia joined as CFO on the heel of Souq's first major funding round led by Cape Town, South Africa-based Naspers and NYC hedge fund Tiger Global Management.

[16] As of March 2017, it sold over 8.4 million products in 31 categories, including "consumer electronics, fashion, health and beauty, household goods and baby.

[4] As of 2014, the site delivered to the United Arab Emirates, Saudi Arabia, Kuwait, Egypt, Bahrain, Oman, and Qatar.

[12] By March 2017, Souq.com had localized operations in Saudi Arabia, United Arab Emirates, and Egypt,[7] which as of 2014 equated to semi-automated modern fulfillment centers in the United Arab Emirates, Saudi Arabia, Kuwait, and Egypt, measuring a total of 35,000 square meters.

At the time the company had employed around 2,500 employees in engineering, retail, customer support, fulfillment, and last mile delivery sections.