Egyptian logistics startup Bosta has secured an undisclosed investment from pan-African group and investment firm, Axian Group, setting the stage for further expansion. This follows Bosta’s successful foray into Saudi Arabia’s market and the appointment of former DHL Express CEO, Ken Allen, to its board in 2023.
Bosta, created by Mohamed Ezzat and Ahmed Gaber in 2017, provides businesses with comprehensive delivery solutions. Now recognized as a top-20 player in Cairo, Bosta has made over 10 million deliveries and aims to expand further afield.
A company spokesperson described Axian Group’s investment as a critical step in Bosta’s growth, citing the group’s network and expertise as invaluable assets for regional expansion and in broadening their customer base.
Bosta’s platform simplifies e-commerce fulfilment, enabling real-time shipment management and delivery tracking for businesses. Prior to securing Axian’s investment, Bosta raised substantial funds, including a $6.7 million Series A round in 2021 and an undisclosed pre-Series B round in 2022.
The Axian Group, which originated in Madagascar, is particularly interested in promising African startups. Their investment in Bosta falls in line with their strategic focus on fast-growing sectors. By 2024, Bosta’s sector is forecasted to reach $14.56 billion in value.
Furthermore, Egypt’s recent emergence as one of the top ten domestic logistics markets worldwide adds to the potential of this partnership.
The recent funding and expertise from Axian will bolster Bosta’s plans to lead the logistics markets in Egypt and Saudi Arabia, with potential expansion into other promising regions.
