Breaking News: Pakistani Startup PostEx Set to Disrupt Financial Markets in Saudi Arabia with $7.3M Funding
Pakistani startup PostEx, a game-changer in financial and logistics services for online merchants, is gearing up to enter new markets, starting with Saudi Arabia this year. TechCrunch has exclusively learned about this exciting development.
Muhammad Omer Khan, the visionary founder and CEO of PostEx, shared his ambitious plans in an interview: "We want to go into other markets to really disrupt them because we see the gap."
E-commerce in Pakistan has been on the rise, with a 50% growth in the last 12 months. PostEx has played a crucial role in driving this growth by addressing the challenges faced by online merchants, such as working capital issues due to cash-on-delivery transactions taking 10 to 15 days to settle.
In 2020, Khan founded PostEx to provide upfront payments against cash-on-delivery orders and a comprehensive logistics service. By controlling the flow of funds and offering a unique credit model, PostEx has kept its non-performing loans below 0.03%.
With an active merchant base of 15,000, PostEx has seen overwhelming demand for its services, with over 80% of merchants opting for upfront payments with logistics support. The startup's recent acquisition of Call Courier has further expanded its logistics footprint, enabling it to become a nationwide service for e-commerce companies of all sizes.
PostEx's successful growth trajectory has attracted $7.3 million in funding from Conjunction Capital, with plans to enter the UAE after Saudi Arabia. The startup aims to raise an additional $15 million to further solidify its presence in new markets.
In conclusion, PostEx's innovative approach to financial and logistics services is revolutionizing the e-commerce landscape in Pakistan and beyond. By providing merchants with upfront payments and efficient logistics solutions, PostEx is empowering businesses to thrive and grow. Stay tuned for more updates on PostEx's journey to transform the digital economy!