KARACHI – a tech-led last mile delivery partner for e-commerce retailers, has raised US$2.3 million in a seed round led by venture capital (VC) firm Global Founders Capital, Fatima Gobi Ventures and Asian Development Bank. TPL E-Ventures and Transhold also participated.
The Karachi-based B2B2C service was launched in 2019. Today, Rider boasts coverage in over 80 cities across Pakistan, with shipper clients including Pakistan’s top five online retailers such as Khaadi and Daraz. The startup’s 500-strong delivery agent fleet — which is easily scalable at peak times — has thus far delivered more than 1.5 million e-commerce parcels across Pakistan with a market-leading success rate of 93%.
Salman Allana, Founder and CEO of Rider, said:
“We’re excited about the investors we have on board – they collectively bring unparalleled logistics industry expertise and emerging markets exposure. Their capital injection will enable Rider’s plans to expand our network and integrate our proven last-mile service into other key parts of the value chain.” he said.
Ali Mukhtar, General Partner for FGV, said:
“We are excited to join Rider’s journey towards building a tech-driven end-to- end logistics solution for Pakistan and the region. Rider’s belief that ‘technology moves everything’ has already raised the bar on delivery lead times, cash repayment cycles and delivery success rates in Pakistan’s logistics industry. With so many customer-centric and problem-solving solutions on the horizon, we cannot wait to see how far Rider’s tech offerings will go in supporting Pakistan’s e-commerce growth ambitions.”
Jay Lim, Venture Partner at Global Founders Capital, said:
“GFC believes that Pakistan’s startup scene is primed to grow rapidly in the next few years, especially within the commerce the space. We have invested in a number of founders in Pakistan recently and will invest in more in the coming year. Founders like Salman from Rider will play one of the most important roles in developing last mile logistics as well as the entire logistic infrastructure necessary to propel Pakistan’s commerce forward”
Minsoo Kim, Investment Specialist at ADB, said:
“ADB Ventures is thrilled to partner with Salman and his team to help Rider become the leading last-mile delivery platform in Pakistan. Rider’s tech-drive
and user-centric solution has the potential to significantly improve the efficiency and reliability of Pakistan’s fast-growing e-commerce logistics sector, while delivering both substantial cost as well as fuel savings.”
Rider’s app-based platforms, route optimisation, live tracking, live scheduling, and highly automated warehousing puts the logistics tech startup at the
