The Egyptian startup which has created a platform for efficient last-mile deliveries, Bosta, has reportedly raised Series A funding from European parcel delivery champion, DPDgroup.
The Series A round also drew participation from a previous Bosta investor, Fawry, the Egyptian payments company that went public last year.
MENAbytes, which claimed to have gotten a statement from the startup, reports that the specific amount raised was not disclosed though the startup declared that the round is worth seven-figures in US dollars (USD).
Bosta launched in 2017 as a provider of different types of last-mile delivery solutions to e-commerce businesses in Egypt. The Cairo-based startup offers next-day delivery, handles exchange shipments, customer returns, and cash collection for e-commerce businesses in Egypt, boasting a 97 percent successful delivery rate.
The startup has served over 5,000 businesses in Egypt to date while claiming 10X growth in the last twelve months as it now claims to be delivering 150,000 parcels a month. Those are the words from Bosta’s co-founder and CEO, Mohammed Ezzat, in a conversation with MENAbytes.
As it neither owns a fleet of trucks nor a roster of salaried drivers, Bosta uses an Uber-like asset-light model with all the drivers on its network being freelancers who earn money for every completed parcel delivery.
According to the report, the Bosta CEO revealed that the startup plans to use the investment to grow further and lead the e-commerce delivery market in the country.
It is understood that Bosta also has plans to explore the option of expanding to some other regional markets and it now has a great partner in form of DPDgroup to help it realize this vision.
Featured Image Courtesy: MENAbytes