Egyptian on-demand delivery startup Bosta has raised an investment from Fawry, country’s leading electronic payment provider. The size of investment was not disclosed but we have confirmed that it’s a six-digit (US dollar) round. It’s the third time that the startup has raised an investment this year. They had raised $225,000 in two more rounds (also seed) from Cairo Angels and Numu Capital in July and March this year.
Co-founded by Mohamed Ezzat, Ahmed Gaber & Mohamed El-Houssainy, Bosta works with businesses to provide them different delivery solutions through its network of drivers. The startup does not own its fleet. It works with drivers just like any other on-demand startup including Uber & Careem. Bosta plans to use the investment to further develop its on-demand delivery platform, improve the user experience and expand into more cities of Egypt.
Given Fawry’s reputation and extensive payment network in the country, their investment in Bosta is a great sign for the young startup that has been operational for less than a year.
“We are very excited on this investment, it complements our vision to scale ecommerce in the Egyptian Market, we are proud of the fact that Egyptian talent is capable of providing world class technology solutions” said Ashraf Sabry Chairman & CEO of Fawry
The strategic partnership with Fawry will help the young startup in their expansion plan to take their services to different governorates of Egypt and increase their product offering. Bosta aims to become the leading logistics provider in the country by selling different types of delivery solutions to the ecommerce and other business all around Egypt.
The startup is also eyeing expansion into other countries of the region including Saudi & UAE by late 2018 or early 2019, their co-founder & CEO Mohamed Ezzat told MENAbytes.
“We have always been passionate about changing the landscape of ecommerce via logistics, and given how Fawry shares the same vision on disrupting the e-payments industry, our partnership with them reinforces our collaborative efforts to take ecommerce in the MENA region to the next level.” he further added.
The logistics startup from MENA have been on a roll lately. Just last week, Dubai-based last-mile delivery startup One Click Delivery had raised an undisclosed amount of investment from Middle East Venture Partners and last month Cairo-based peer-to-peer on-delivery startup VOO had raised a seed investment from Alex Angels.