Saudi B2B E-Commerce Platform Retailo Raises $15 Million
The investment includes contributions from strategic investors such as Yusuf Bin Kanoo Group and Majd Digital.
Retailo, a leading B2B digital distribution company in Saudi Arabia, has raised $15 million in funding to bolster its operations, expand into new verticals, and strengthen its presence within the country. The investment, which includes contributions from strategic investors such as Yusuf Bin Kanoo Group and Majd Digital, aims to support Retailo's unique approach to B2B digital distribution and its growing popularity among investors.
With the infusion of new funds, Retailo plans to enhance its customer and supplier network by expanding its digital distribution platform across Saudi Arabia. The platform offers a plug-and-play solution for suppliers to distribute their products and tap into Retailo's extensive customer base and distribution capabilities.
"Since Retailo’s inception, our objective has been clear: to forge a seamless digital distribution network for every business," Talha Ansari, founder and CEO of Retalio, tells StartupScene. "After three years of dedicated effort, we're witnessing the evolution towards an all-digital distribution landscape, making Retailo a key player in shaping the future of the Saudi Retail Economy contributing to the Kingdom’s Vision 2030 initiatives.”
Saudi Arabia's retail industry, valued at $100 billion, encompasses over 100,000 businesses serving a population of more than 35 million consumers. Retailo aims to revolutionise and digitise the retail supply chain as it continues to expand within the Kingdom. The company already boasts thousands of retail partners and restaurants in Saudi Arabia, with over 200 local, regional, and global brands on its platform.
Earlier this year, Retailo announced a strategic technology distribution partnership with Dtonic, a prominent South Korean data solution company, enabling businesses to benefit from efficient and scalable AI-powered retail technology.
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Jan 31, 2024