2 min read
In recent news, a Pakistani FinTech and logistics startup known as PostEx announced that it just raised $1.5 million in seed funding. The round was led by MSA Capital, which invests in Uber and Klarna as well. This included participation from the UAE-based Shorooq Partners, Pakistan-focused Zayn Capital, Dubai-headquartered VentureSouq, PNO Ventures, 92Ventures as well as the CEO of Arbisoft, Yasser Bashir.
Through this funding, the startup aims at solving challenges around cash on delivery with instant and upfront payments through scaling its one-stop-shop for financing and logistics solutions for respective e-commerce platforms. Moreover, the startup is working on solutions for cash recovery cycles and working capital constraints which would normally hamper businesses’ scaling by providing upfront payment through cash delivery.
PostEx was founded by Omer Khan, Saad Mahmood, Babar Razzaq, and Adil Naseem who are currently focused on growing their products and further bring depth to its existing technology-based cash on delivery financing platform.
According to the startup in a recent statement:
“Our goal is to be the first and last source of funds of fast-growing e-commerce businesses to meet all their capital requirements to accelerate their growth. This is complemented by an in-house logistics fleet for e-commerce companies, thereby helping them grow through easy and instant access to cash and liquidity.”
“In a primarily cash-based economy, running a business online comes with challenges of cash recovery cycles, impeding scaling due to working capital constraints. Challenges on the last-mile delivery front also lead to high cancellations and lack of financing options adversely affects the growth of e-commerce businesses in Pakistan.”
In addition, the company had previously introduced a digital payments solution that enables businesses to collect payments online from consumers through PostEx’s checkout plugins.
