LAHORE: B2B e-commerce marketplace Retailo Thursday announced raising $6.7 million in what the company claimed was the largest seed round for a Saudi Arabia-based startup. Retailo’s seed roundArticle continues after this advertisementIn October 2020, Retailo raised $2.3 million in what was also then the largest pre-seed round as claimed by the startup. With the new round, the startup is geared to grow in Pakistan and Saudi Arabia. The 20% statistic is also what the size of retail as a percentage of GDP in Middle Eastern countries, including Saudi Arabia. But even with the smaller operations in Saudi Arabia, the lower rupee value against the Saudi riyal means that the exchange rate differential simply brings more revenue from Saudi Arabia.

Source: Pakistan Today May 09, 2021 13:52 UTC