Egyptian delivery startup, Bosta has secured Series A funding from European parcel delivery giant, the DPD group.
The round had in participation a previous Bosta investor, the Egyptian payment company Fawry.
According to reports, the particular amount raised remains undisclosed, however, the startup revealed that the round is worth seven-figures in US Dollars.
Launched in 2017, the startup provides various kinds of last-mile delivery solutions to e-commerce businesses in Egypt. Bosta also 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.
According to the co-founder and CEO of Bosta, Mohammed Ezzat, the startup has served over 5000 businesses in Egypt and has recorded an unprecedented level of growth in the last year. The CEO also claims the startup delivers 150,000 parcels monthly.
Surprisingly the startup does not own a fleet of trucks or drivers, but it employs the 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 also understood that Bosta in the nearest future plans to expand to other regions on the continent and with its partnership with the strong DPDgroup, the vision will soon be a reality.
