ISLAMABAD: A Pakistani startup providing financial and logistics solutions to online merchants is set to launch its services in Saudi Arabia and the entire United Arab Emirates in the coming week after successfully launching a pilot project in Dubai earlier this year, a top company official confirmed on Saturday.
Founded in 2020, PostEx provides a hybrid solution combining receivables factoring and courier services, offering upfront payment for invoice values to e-commerce companies using cash on delivery as a payment option.
According to one of its cofounders, PostEx surpassed an annual recurring revenue of $21 million last year, reached profitability and is currently handling over four million transactions every month.
In 2022, PostEx acquired a Pakistani logistics service named Call Courier, which enabled the startup to expand its presence from three major markets to over 650 cities in a single step.
“As soon as we launched our pilot project with minimum viable product (MVP) services about one and half months back in Dubai, more than 3,500 stores were registered, which showed that the response is quite massive over there,” Babar Razzaq, the company’s cofounder and chief technology officer, told Arab News.
“The same merchandise also has footprints in Saudi Arabia and they are also waiting for us to be there,” he continued. “So, we will be launching our full range of products next week in both the kingdom and the entire UAE.”
Asked about the company’s strategy during the pilot project, Razzaq said the full product is yet to be launched, as only some of its features had been introduced earlier to gauge the market response.
“MVP included order management solution, inventory solution and warehouse management solution,” he explained. “Now we are working on launching our main feature of financial solution.”
The PostEx official added Saudi Arabia was a vast market with great potential, hoping his company would be able to tap more opportunities by providing better financial solutions.
“We will be leading there just like Pakistan very soon,” he said.
Razzaq said PostEx had raised $7.3 million this month in an all-equity funding round led by Dubai-based Conjunction Capital to plan its market expansion into Saudi Arabia and the UAE.
“The $7.3 million raised is designated for expanding into Saudi Arabia and the UAE, with plans to invest heavily in these markets, where significant capital is needed for lending to e-commerce players,” he continued.
He noted that online merchants in Pakistan faced growth challenges and working capital issues due to the 10- to 15-day delay in settling cash-on-delivery transactions.
“We addressed their financial issues by offering upfront payment equivalent to the retail price of their product,” he informed.
Before the pre-Series A round, Razzaq mentioned that PostEx had secured $8.6 million from investors such as Global Founder Capital, MSA Capital, and Shorooq Partners in 2021.
Pakistani startup to launch financial and logistics services in Saudi Arabia and UAE next week
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Pakistani startup to launch financial and logistics services in Saudi Arabia and UAE next week
- Founded in 2020, PostEx secured $7.3 million funding to expand its footprint in the Middle Eastern market
- Earlier, it managed a successful pilot project in Dubai where more than 3,500 stores registered with it
Russia urges diplomacy, offers assistance to ease Pakistan-Afghanistan tensions
- Pakistan, Afghanistan engaged in fierce clashes last month after Pakistan hit what it said were TTP-linked targets in Afghanistan
- Tensions remain high between the neighbors after two subsequent rounds of talks in Istanbul failed to firm up an Oct. 19 ceasefire
ISLAMABAD: Russia has urged Pakistan and Afghanistan to resolve their differences through political and diplomatic means and offered to assist both sides in lowering tensions, Pakistani state media reported on Sunday, citing a Russian broadcaster.
Pakistan and Afghanistan engaged in fierce clashes along their shared border on Oct. 11 after Pakistan conducted airstrikes inside Afghanistan against what it said were Tehreek-e-Taliban Pakistan-linked targets.
While the two sides reached a ceasefire in Doha on Oct. 19, tensions remain high between the neighbors after two subsequent rounds of talks to firm up the truce failed in Istanbul.
Islamabad wants the Afghan government to take "verifiable" actions against militant groups operating on Afghan soil. Kabul denies harboring TTP or other groups and wants its territorial sovereignty to be respected.
“We call on Kabul and Islamabad to resolve any disagreements exclusively through political and diplomatic means and by peaceful methods,” Russian foreign ministry spokesperson Maria Zakharova was quoted as saying by TASS news agency at a press briefing this week.
“The Russian Federation is always ready to contribute to promoting peace if it is requested by the conflicting parties. We have such experience, and we are ready for it.”
The TTP has been behind some of the deadliest attacks in Pakistan since late 2000s. The group has stepped up its attacks against Pakistani security forces and law enforcement agencies since the Taliban’s return to power in Afghanistan.
Zakharova said that tensions between Pakistan and Afghanistan “remains a matter of concern not only for Russia but… for the entire international community,” adding that “Russia stands in solidarity with its partners.”
There have also been reports that Iran is planning to hold a regional meeting to mediate between Afghanistan and Pakistan.
While there has been no comment by Pakistan on the statement by the Russian foreign ministry spokesperson, Pakistani foreign office spokesperson Tahir Andrabi on Sunday said that Islamabad welcomes Iran’s offer of mediation and will “not shy away from” it, Pakistan's Dawn newspaper reported.
“Pakistan is always in favour of finding peaceful resolutions of issues through dialogue and diplomacy, and we appreciate the offer of mediation of our brotherly country, Iran,” Andrabi was quoted as saying by the newspaper.
“We believe that Iran can play an important role. We would not shy away from any mediatory role by Iran. Mediations are always welcome,” he said, adding that Pakistan had a “very strong case.”
“Generally, mediations are resented by a country or a side which is on a weak legal or a political case. Pakistan’s case on this issue, on terrorism emanating from Afghanistan, is very strong. So, obviously we will not shy away from mediation.”
