Pakistani ecommerce logistics startup Rider is planning to acquire BlueEx, the only listed express courier logistics company in Pakistan. This acquisition would be the first of its kind, with a startup acquiring a listed company. Rider, backed by YCombinator, aims to become the third largest player in the ecommerce logistics space with this acquisition. The transaction value has not been disclosed.
Funding for startups in Pakistan has significantly decreased, dropping 87.7% year-on-year in the third quarter of 2023, due to a global funding crunch and challenging macroeconomic and political conditions in the country. However, Rider has managed to raise $5.4 million in funding from international and local investors. The acquisition of BlueEx would help Rider achieve its goal of delivering one million monthly orders for over 3,000 merchants across 700 delivery locations. BlueEx’s strong presence in the small and medium-sized business segment would be advantageous for Rider. The GEM Board at the Pakistan Stock Exchange facilitates the listing of growth enterprises, and this acquisition would be a major milestone for companies listed on this platform.
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