https://arab.news/jtbe6
RIYADH: Following huge success in Egypt, logistics startup Bosta is now planning to use the same strategies in Saudi Arabia due to similarities in both markets, said Mohamed Ezzat, the company’s co-founder.
Talking to Arab News on the sidelines of the Global Entrepreneurship Congress in Riyadh on Tuesday, he said the Saudi and Egyptian markets have many things in common such as culture, competitors and several problems as well.
In addition to that the culture of “cash on delivery” is also common on both sides, Ezzat said.
Bosta started its operations in Egypt after its co-founder experienced logistics issues in his previous e-commerce venture.
“So, from this problem, we started thinking about a solution with a mission to help SMEs (small and medium enterprises) grow and build a profitable business in e-commerce,” Ezzat said.
Founded in 2017, the company has been growing in Egypt and also expanded its operations to Saudi Arabia this year.
“We have in Egypt alone, more than 3,000 customers, businesses using Bosta on a daily basis,” the co-founder added.
He expects the number of clients in Egypt and Saudi Arabia to reach 30,000 by next year.
Ezzat told Arab News that his company raised $7 million this year mainly from Saudi investors. The funds are used “to fuel growth in the Kingdom,” he added.
“In the short to medium term, it’s (Bosta) focusing on Saudi Arabia. We want to do the same thing we did in Egypt, be the market leader,” Ezzat said.