Logis-tech venture Paperfly secures investment worth BDT 100 crore
Homegrown logis-tech venture Paperfly has secured investment nearly worth of BDT 100 Crore from Indian logistic giant Ecom Express. Termed as majority investment, Ecom Express is planning to invest this amount as Bangladesh is seeing unprecedented growth in e-commerce deliveries over the past couple of years.
Founded in 2016, Paperly doorstep delivery, warehousing, fulfillment, smart return management and cash collection facilities for its online merchants. The venture has around 100 delivery points across the country with 1,000 plus its own employees at the union level. Over the past 5 years, the company it has introduced smart return, smart check, smart log, in-app call and cashless pay etc features.
Rahath Ahmed, Co-founder and Chief Marketing Officer confirmed Daily Star about the investment. Later in a press release issued by Paperfly, Rahath said: "There is a lot to be done, not only in e-commerce logistics but also in the traditional courier arena in terms of cost efficiency and customer service, backed up by tech play that can delight the users. Our aim is to establish Paperfly as the largest network of connected logistics, which is able to meet the need of any enterprise, customers or e-commerce. This deal with Ecom Express is a big step forward and a proof to the credibility that we have built over the years."
Ecom Express, founded in 2012, is backed by Warburg Pincus and CDC Group. With a valuation north of $500 Million, Ecom Express has its presence in all 29 states of the country and operates in over 2650 towns across 27,000+ PIN-codes in India. The company is the first private logistics company in India to envision a full-state coverage strategy, offered in 20 states.