Egyptian courier start-up Bosta is gearing up for a multi million-dollar fresh round of financing as it considers Saudi and Emirati markets by the year’s end, its chief executive Mohamed Ezzat said.
The delivery newcomer currently has more than 3,000 Egyptian clients, among them e-commerce platforms Jumia, Noon and Souq.com, which is owned by Amazon. Their backers include the Fawry e-payment company, Silicon Valley investors, and the European DPD courier network.
“We’re targeting expansion in Saudi Arabia and the Emirates before the end of the year, keeping in mind our goal of reaching six or seven countries within the next five years,” said Ezzat.
He told Reuters that his company, which employs about 200 people, has a current investment capital of US$9.2M after the pandemic provided a boon to e-commerce.
Bosta’s revenue comes from the percentage it takes for deliveries on behalf of e-commerce clients. The company does not own cars or employ drivers, but relies on outsourcing services.