PostEx, a Pakistani FinTech, and logistics startup has raised $1.5 million in seed funding. MSA Capital led the round, which also invests in Uber and Klarna. This included participation from Shorooq Partners in the UAE, Zayn Capital in Pakistan, VentureSouq in Dubai, PNO Ventures, and 92Ventures, as well as Yasser Bashir, CEO of Arbisoft.
The startup intends to use this funding to address challenges associated with cash on delivery by expanding its one-stop-shop for financing and logistics solutions for respective e-commerce platforms. Additionally, the startup is developing solutions for cash recovery cycles and working capital constraints, which are typically impediments to businesses scaling when an upfront payment is made via cash delivery.
Omer Khan, Saad Mahmood, Babar Razzaq, and Adil Naseem founded PostEx. They are currently focused on growing their products and adding depth to their existing technology-based cash on delivery financing platform.
According to a recent statement from the startup, “our mission is to be the first and last source of capital for fast-growing e-commerce businesses, meeting all their capital requirements and accelerating their growth.” This is supplemented by an in-house logistics fleet for e-commerce businesses, which enables them to grow by providing easy and immediate access to cash and liquidity.”
“In a predominantly cash-based economy, operating an online business presents cash recovery challenges, impeding scaling due to working capital constraints. Last-mile delivery challenges also contribute to a high rate of cancellations, and a lack of financing options has a detrimental effect on the growth of e-commerce businesses in Pakistan.”
Additionally, the company previously launched a digital payments solution that enables businesses to accept online payments from consumers via PostEx’s checkout plugins.
