Bosta, Egypt’s Logistics Platform, Secures Funding from Madagascar’s Axian Group
Bosta, Egypt’s delivery processing and logistics platform operating in Egypt and Saudi Arabia has raised undisclosed funding from Madagascar’s Axian Group to bolster its middle, and last-mile delivery services for its customers.
Axian Group’s investment will support Bosta’s growth and advance its mission to redefine the delivery and logistics landscape in the region especially its technology and delivery services, to transform the e-commerce and logistics sectors in Egypt and Saudi Arabia.
In March 2022, Bosta opened its first office in Riyadh to provide its distinguished services to its customers in the Kingdom of Saudi Arabia. The expansion came after Bosta’s Pre-Series B through regional and international investors led by Khwarizmi Ventures, along with other current investors in addition to Hassan Allam Holding.
“We are pleased to launch Bosta in Riyadh. We believe that this step will enable us to significantly expand our activities in a market that’s very important to us. The launch of our office in KSA is part of Bosta’s expansion plans across the Middle East this year, which will be followed by another launch in the region by the end of this year,” said Eng. Mohamed Ezzat, co-founder and CEO of Bosta. “Our office in Riyadh is Bosta’s first venture in the Arab region, continuing our success that started in Egypt in 2017 that managed to deliver 10 million shipments since our introduction in the market,” he added.
A recent report by the Saudi Communications and Information Technology Commission showed that the total financial value of requests made through delivery applications had reached more than two billion riyals (USD $533 million) since the beginning of the COVID-19 pandemic, with total requests amounting to 26 million, an increase of up to 250% when compared to pre-pandemic numbers.
Founded in 2017 by Mohamed Ezzat and Ahmed Gaber, Bosta has become a cornerstone in the delivery services sector, catering to the needs of thousands of online businesses in Egypt. The startup’s innovative approach ensures a seamless distribution process, offering a guaranteed next-day delivery service across the globe. To date, Bosta has successfully delivered over 10 million shipments, solidifying its position as a leader in the industry.
Bosta’s delivery model relies on a network of independent drivers compensated for each successful delivery, effectively handling the first and last miles. The middle mile, for inter-city couriers, is managed through a fleet of leased vans.
Source: techmoran.com
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