PostEx acquires Call Courier to grow to be Pakistan’s bigger e-commerce service supplier – Thealike
Pakistani fintech PostEx has acquired logistics service supplier Call Courier, creating what it describes as the biggest e-commerce service supplier within the nation. PostEx will now serve 1.3 million customers with over 8,000 retailers throughout 500 cities in Pakistan, and is on monitor to having a mortgage e-book of greater than $12 million.
The acquisition implies that Call Courier will grow to be a wholly-owned subsidiary underneath the group identify. PostEx offers providers like upfront funds in a rustic the place greater than 90% of e-commerce funds are nonetheless accomplished in money, and revenue-based financing for e-commerce sellers and SMEs.
PostEx co-founder and CEO Omer Khan instructed Thealike that in keeping with the World Bank, about 100 million adults in Pakistan don’t have a checking account. As a outcome, companies have restricted entry to working capital and lack enough money circulation. On the opposite hand, customers are cautious of digital transactions, and even many who’ve financial institution accounts nonetheless choose to pay money on supply for objects ordered on-line.
But money on supply is problematic for e-commerce companies as a result of they’ve the next rejection fee on the door. Furthermore, funds from money on supply purchases typically take as much as two to a few weeks to be deposited right into a enterprise’ banking account, in contrast to a couple days for digital funds.
As a outcome, PostEx’s founding staff determined there was potential to construct a dependable logistics service supplier, plus upfront money. Upfront funds imply that on-line distributors now not have to attend via lengthy cost cycles, and have higher money circulation.
“We’re out there making it simpler for businesses to reach out to more customers, take care of their delivery needs and provide them with upfront liquidity,” stated Khan. “This is essential for smaller businesses that need every penny to sustain themselves.”
In phrases of competitors, Khan says PostEx’s novelty issue is its hybrid of fintech and logistics. It has raised $8.6 million so far, and its backers embody Zayn Capital, Global Founder Capital, MSA Capital, RTP, FJ Labs and Shorooq.
In an announcement, Senator Afnan Ullah Khan, a member of the Prime Minister’s IT Task Force Committee stated, “This acquisition shows the importance of close collaboration between fintech and logistics highlighting the importance of access to capital. This acquisition makes PostEx the largest e-commerce service provider in the market, showing the potential of startups for challenging incumbents. It’s refreshing to see new solutions to old problems.”