UAE-based X-ERA for tech-services and logistics has completed its takeover of Egypt’s growing B2B e-commerce platform SPEED.
SPEED is an affiliate of SPEED International for Distribution & Logistics. The takeover marks a significant milestone in the digital transformation that aims at connecting FMCG supplies with small – medium merchants, retailers and soon consumers through digital platforms.
As a digital business solution company, X-ERA is now revamping SPEED with its partners to make it more user-friendly, as well as furthering inclusion of features and benefits to FMCG merchants and retailers.
The platform is enabling small & medium-sized grocery store owners in Egypt to procure inventory not only from wholesalers, distributors, and manufacturers at transparent rates; retailers can also access a one-stop shop to explore a wide variety of products from multiple brands. They can make a basket as per their stock requirements, place an order and get deliveries within 24 hours a day, 7 days a week. All this takes place through their smartphones while they’re doing the business as usual at their own grocery store.
- UAE-based logistics services provider X-ERA, has acquired Egypt’s B2B marketplace SPEED, as part of its international expansion strategy. The value of the acquisition remains undisclosed.
- SPEED, a subsidiary of SPEED International for Distribution and Logistics, connects FMCG suppliers with small to medium-sized merchants and retailers, with plans to introduce B2C services as well on its platform.
- SPEED has signed up over 35,000 merchants, and is planning to target a total of 100,000 by mid-2023.
SPEED Chairperson Ahmed Hassan commented on this segregation and transaction saying: “we believe will reshape the Egyptian B2B FMCG e-commerce; by offering micro, small and medium enterprises (MSMEs) a lot of benefits. It will also help SPEED companies to increase its focus in all supply chain and logistics services to all FMCG companies, as well as in the e-commerce ecosystem”.
“One prime aim of the segregation is expansion; SPEED B2B e-commerce app’s current merchant/ retailers base stands at 35,000, and the prospective plans are for this to reach 100,000 by mid-2023.
The prospective plans are also for nationwide expansion by the end of 2023, versus 9 governorates currently. X-ERA CEO Mahmoud El-Enani said: “Through the re-launch, the SPEED app would get a new branding and identity, enhancing its USP for the small and medium-sized grocery store owners it serves.”
X-ERA is planning to invest millions of dollars in tech development and geographic expansion