Rider, a Karachi-based e-commerce logistics startup has successfully raised $2.3 million seed funding in a round directed by Global Founders Capital, Fatima Gobi Ventures, and Asian Development Bank, as announced by the company today. Moreover, TPL E-Ventures and Transhold also participated in the seed funding round.
The E-Commerce Logistics Startup Has Over 500 Drivers in its Fleet
Furthermore, the e-commerce logistics startup was established by Salman Allana in 2019, Rider provides last-mile delivery services to e-commerce retailers through its technology platform. The startup has more than 500 drivers in its fleet with coverage across 80 cities in Pakistan.
Rider further claims to have delivered 1.5 million e-commerce parcels to date with a success rate of 93 percent. Rider’s customers include the top five online retailers of the country including Khaadi and Daraz, said the startup in a statement.
Rider Will Use the Raised Seed Funding to Build Effective Processes
The tech stack of the e-commerce logistics startup includes route optimization, live tracking, live scheduling, and highly automated warehousing has further helped the business a great deal to build effective processes and develop real-time connectivity between its consigners, delivery agents, and customers. Moreover, the company hopes to expand these services with the help of newly raised seed investment.
Moreover, on the occasion of raising seed funding, founder and the CEO of Rider, Salman Allana, spoke about how their tech has supported them to improve the success rate saying that “When we launched Rider, only 80-85% of deliveries in Pakistan were making it to the customers’ doorsteps, translating millions of dollars lost, operational inefficiencies and frustrated shippers and customers.”