Cloud-based logistics technology company Cartlow has announced the acquisition of Melltoo, which is a marketplace for second-hand goods, as the company is looking forward to expanding its operations and services in the biggest economies of the regions of Saudi Arabia and UAE. The technology platform has acquired the assorted company Melltoo for an amount that has been kept confidential. The company was introduced in the market in the year 2004.
Melltoo is a company that provides its services in the regions of the UAE and Saudi Arabia, will now redirect its customers onto the platform of Cartlow where the customers will be offered around a million products beyond 30 different categories, different payment options for the convenience of the customers, said the company in a statement the previous day. Founder and chief executive of Carlow, Mohammed Sleiman said that the company has sold more than two million products since the platform has been launched, and now, the company is excited with its latest acquisition of Melltoo.
Cartlow has announced the acquisition of Melltoo.
The customers of Melltoo will now be provided with a wide variety of products through Cartlow’s platform, along with more convenient ways with which the customers can shop and sell products that are pe-loved. Cartlow will be able to further integrate its position in the worldwide reverse logistics sector with the help of this acquisition. The company will also resume its cloud-based technology services to its existing and new customers within the ecosystem of reverse logistics, helping the Gulf region’s transition to a circular economy.
Starting its journey as a re-commerce platform, Cartlow has witnessed immense growth as it became a technology company that provides its customer companies with SaaS (software-as-a-solution) solutions in the reverse logistics sector. The system of Reverse logistics refers to chains that handle anything returning through the supply chain which enables the reuse of goods and resources.
The customers of Melltoo will now be provided with a wide variety of products through Cartlow’s platform.
According to a survey by Allied Industry Research, the global reverse logistics market will increase from $635 billion in 2020 to $958 billion in 2028, at an average annual growth rate of 5.6%. The reverse logistics market of the middle east is beginning to make its presence and Cartlow aims to increase its share in the market through acquisitions as well as organic growth of the company. In order to expand its operations in the two largest economies of the region, the company raised a total amount of $18 million in a development funding round in the month of June. The company will dedicate the funding toward the growth and development of its business ecosystem in the area with the help of technology by uniting re-commerce, recycling, and return management.
The fundraising round was led by Cartlow’s partner, Al Sulaiman Group, which is a Saudi Arabian investor with holdings in the logistics, omnichannel retail, and e-commerce industries. Since its launch, the company has focused on growth and worked with major brands and retailers in Saudi Arabia and the UAE. The re-commerce platform of Cartlow offers its customers and businesses a wide range of products and merchandise at cheaper prices than the market.