PostEx, a cash-on-delivery and revenue financing startup, has acquired Call Courier, a logistics service provider, for an undisclosed amount.
The Deal: PostEx did not disclose the amount it paid for Call Courier.
Tell me more: PostEx offers upfront payments and revenue-based financing. Call Courier specializes in nationwide logistics.
Meet vertical merger. Think eBay acquiring PayPal.
The acquisition of Call Courier will enable PostEx to take control of the customer relationship end-to-end – from payment to delivery.
Or, to put it another way, why build something when there’s a better solution in the market?
Make it make sense: The Pakistani economy is primarily cash-based.
Cash is the preferred payment method for 90% of e-commerce transactions in the country. Approximately $6.5 billion is spent in cash on e-commerce transactions each year.
Sellers must wait until the order is shipped and delivered to get paid.
Even after the order has been delivered and cash is collected, it can take a significant amount of time for the seller to receive payment.
Using its fintech solutions and now its logistics platform, PostEx is helping to solve these problems.
Okay, show me the numbers: After the acquisition, PostEx will have 1.3 million users and 8,000 merchants across 500 Pakistani cities, making it one of the largest fintech in the country with a $12 million loan book.
You should know: PostEx was founded in 2019 by Omer Khan, Saad Mahmood, Babar Razzaq, and Adil Naseem in Lahore.
To date, it has raised $8.6 million in disclosed funding. It is backed by Global Founders Capital, FJ Labs, Alma Capital, RTP Global, MSA Capital, Shorooq Partners, Zayn Capital, VentureSouq, PNO Ventures, and +92 Ventures.
Zoom Out: PostEx is now Pakistan’s largest e-commerce service provider, giving it the edge to lead the country’s e-commerce boom.
Its competition in the space includes Rider, Swyft, and Trax.
Sourced from: TechCrunch and DAWN.
