Riyadh-headquartered B2B ecommerce marketplace Retailo has announced the acquisition of Dubai-based online marketplace DXBUY for an undisclosed investment, after the company raised $36 million for its Series A round in February this year.
The platform in a statement said the acquisition is part of its expansion plans in the region and to Pakistan, Zawya reports.
DXBUY; another platform, operates in the food and beverage, grocery and retail segment, connecting businesses like restaurants and cafes with manufacturers, wholesalers and distributors.
The investment will enable DXBUY to to capitalize on the growing hotel, restaurant and café market in MENAP, which is forecast to reach $60 billion in less than five years.
Launched in 2020 by former Careem (a regional ride-hailing app) executives Ansari, Muhammad Nowkhaiz, and Wahaj Ahmed, Retailo helps small-scale merchants, such as food vendors and ‘mom-and-pop stores,’ to get online to get the best deals on inventory and logistics.
Saudi B2B business platform Retailo acquires Dubai-based online marketplace DXBUY
