Artificial Intelligence-based Software-as-a-service (SaaS) firm Mad Street Den (MSD) on November 8 acquired New York-based inventory management SaaS company Inturn for an undisclosed amount.
Inturn, which has raised over $70 million to date, will be Mad Steet Den’s first acquisition globally.
Founded in 2013 by retail and technology experts, Inturn offers enterprise solutions to help companies manage unsold inventory across all verticals. Presently, Inturn supports some of the largest global brands and retailers like Unilever, Kind, and more.
“Every year around $150-$180 billion is lost due to excess inventory across the globe, across several verticals. Many companies don’t know what to do with excess inventory. Inturn is one company that really played a big role in addressing this issue,” said Ashwini Asokan, co-founder of Mad Street Den in interaction with Moneycontrol.