Floranow has develop Bloomax , one of the large sweeping distributors of fresh - cutting flowers in KSA , which is the GCC ’s great single grocery store .
Floranow is acquiring 100 % of Bloomax , with the dealing fund by a combination of debt and equity .
The deal lucubrate Floranow ’s existing operational step in KSA , pass the Company a direct comportment in nine KSA cities . It increase the phone number of companies in the KSA market buying on Floranow ’s platform to over 1,500 - and makes Floranow the largest importer / distributer of efflorescence in the country .
Bloomax ’s current chairman - Noushad Gafoor - will join Floranow ’s executive team and remain in charge of KSA operations . A further strategic precedency for Floranow is a greater role for KSA nationals and a specific focus on empowering KSA char .
Floranow has a proven successful acquisition track record in KSA and the region . The Company ’s strategy is to digitalise the region ’s traditional , ineffective flowered market , and today ’s announcement complements the successful previous attainment of KSA - free-base Astra Farms ’ flowered distribution business . The Astra Farms deal , which was completed in 2021 , has afterward yield solid constitutional increase and to the full digitized revenue - while give KSA retailers and wholesalers accession to the turgid and richest assortment of blossom and plants in one convenient marketplace .
Floranow ’s wider operational carrying into action remain chirpy . To appointment , the Company has processed over 150,000 order of magnitude , has over 1,100 customer , and has 100 + employees , which ideally positions Floranow for MENAT ’s look to cut - flower mart ontogeny . MENAT ’s current market size is $ 1.15 billion , with the KSA market arrange to grow at 6 % CAGR .
Charif Mzayek , Founder and CEO of Floranow , point out : “ We are delighted to announce the acquisition of Bloomax . Our successful scheme remains to digitize the traditional blossom market to enable direct , transparent , and efficient transactions between sellers and vendee across the Earth . We care the KSA market a lot . It is the GCC ’s largest , with exciting emergence driver , and one we have operated in successfully for several eld now . We look forrad to raise further there and - in tandem - prioritizing the vocation paths of KSA nationals , especially charwoman . ”
Noushad Gafoor , Chairman of Bloomax , said : “ We are evenly captivated to complete this transaction and face forward to working with Floranow ’s gifted team to synergize our two companionship and enhance Saudi Arabia ’s floral grocery store . The combining of Bloomax ’s existing step with Floranow ’s transformative technologies is an exciting chopine for growing and will greatly improve the importer / statistical distribution process . We are excited about our future together . ”
Founded in 2016 , Floranow ’s missionary station is to revolutionise the floral manufacture . Its business model immix a digital platform - insure smooth dealings between marketer and vendee - and a logistics mickle moving product twice as fast as traditional channel in an optimized nerveless chain solution .
Floranow manages the supplying chain from the farm to the flower store , let in all freight phase , custom clearance , caliber control , and last - mile delivery - connecting agriculturist to importers in over 20 market .
For more information : FloranowTel . : +971 4 224 1037[email protected]floranow.com
