Ecommerce Startup Rider Plans to Acquire BlueEx – Discover More!

As per a credible source, a Pakistani-based e-commerce logistics startup Rider has plans to acquire BlueEx (the only listed Express Courier Logistics Company in the country). It is pertinent to mention here that Rider is backed by YCombinator. Amid a global funding crunch and tough macroeconomic and political conditions, venture funding in Pakistan dropped to $6.8 million during the Q3 of 2023. It witnessed a decline of 87.7% year-on-year from the $55 million during the same quarter last year.

In this regard, the founder and CEO of Rider Salman Allana said,

We are carving out and acquiring the e-commerce logistics business which currently operates under the brand name BlueEx. This is not an acquisition of Universal Network System Limited as a whole. That already puts us ahead of certain legacy players. Our contenders in the top three are legacy businesses who have maintained their lead through nationwide services.

If Rider successfully closes the deal then this will be the first-ever acquisition of a listed company by a startup. In addition, it will also be the first major acquisition of a company listed on Pakistan’s Growth Enterprise Market (GEM) board at the Pakistan Stock Exchange (PSE).

As of yet, Rider hasn’t shared any details regarding the transaction value. Furthermore, the company claims the acquisition will make Rider the third-largest player in the e-commerce logistics space.

Allana said the acquisition will allow the startup to reach its objective of delivering one million monthly orders for more than 3,000 merchants across 700 delivery locations. He also added that the acquisition would enable the company to make the best use of BlueEx’s company presence in the small and medium-sized business segments.

Rider has been able to raise $5.4 million in funding to date from both international and local investors. These include YCombinator, Global Founders Capital, Flexport Fund, i2i Ventures, Fatima Gobi Ventures, Soma Capital, Rebel Fund, TPL e-Ventures, and more.

Also read:

Google Graduates Rider for its Startups Accelerator Southeast Asia Program

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