Egypt-based logistics startup Bosta has secured an undisclosed amount in a fresh funding round, according to media reports. It will use the funds to grow in the domestic market and establish itself as a leader in its market segment.
The funding round for Bosta was led by DPDgroup, Europe’s second-largest operator in the courier, express, and parcel industry. Egypt-based payment company Fawry also took part in the funding round. Fawry has also invested in Bosta in its previous funding round.
Bosta’s on-demand delivery services allow ecommerce businesses in Egypt to deliver parcels with ease and on time. Its customers also have the facility to track the shipment in real-time and also communicate with the delivery executive along the way.
The startup does not have a heavy fleet of delivery vehicles nor does it appoint drivers on its network. Instead, its network consists of freelancers who earn money for every completed parcel delivery.
With regard to the funding Bosta’s chief executive, Mohamed Ezzat told the media, “The ecommerce industry in Egypt and the whole region is looking at a very positive outlook in the coming years. For instance, in 2019, ecommerce as an industry witnessed the second-largest number of investment deals in the Middle East and North African region (MENA).”
Reportedly, Bosta is also mulling establishing itself in other markets.
Established in 2017, the startup has served over 5,000 businesses in Egypt to date. It revealed that it grew by almost 10 fold in the last 12 months. According to Mohamed Ezzat, the startup delivers around 150,000 parcels a month with a success rate of about 97 percent.