TLDR:
– Egyptian logistics startup Bosta has raised undisclosed investment funds from Axian Group.
– Bosta, which offers logistics and delivery services to businesses in Egypt and Saudi Arabia, plans to use the funding to continue its expansion in the industry.
– Axian Group’s investment in Egypt’s logistics sector is a significant development as Egypt’s logistics market is expected to grow to $14.56 billion by 2024.
Egyptian logistics startup Bosta has secured new funding from Axian Group, a pan-African group and investment firm, to continue its expansion plans. The amount of investment funds raised has not been disclosed. Bosta, founded in 2017 by Mohamed Ezzat and Ahmed Gaber, provides logistics and delivery services to businesses in Egypt and Saudi Arabia. The startup ranks among the top 20 logistics companies in Cairo, Egypt and claims to have completed over 10 million shipments. Bosta’s mobile and web application allows users to send and receive packages while tracking deliveries in real-time. The funding from Axian Group will support Bosta’s growth in the industry.
Axian Group’s investment in Bosta comes as Egypt’s logistics market is expected to reach $14.56 billion by 2024. Egypt has surpassed Turkey to become one of the world’s top ten domestic logistics markets. Bosta’s expansion into Saudi Arabia and other markets will benefit from Axian Group’s involvement in Egypt’s logistics sector. Axian Group has previously invested in other Egyptian startups such as MaxAB, a B2B food and eCommerce platform. The funding from Axian Group will help Bosta further establish itself in the logistics industry and capitalize on the growing logistics landscape in Egypt.
