A Lahore-based startup called PostEx focused on providing courier and financing services to e-commerce companies has recently completed one of the country’s largest early-stage funding to help with its expansion plans.
The company had raised around $8.6 million through multiple tranches where the latest tranche was led by Global Founders Capital which also included first-time investments by FJ Labs and RTP Global in Pakistan. The founder of the company Muhammad Omer Khan started PostEx after realizing that around 90 percent of the country’s online shopping is done with post-delivery cash payments instead of electronic transactions. PostEx, on the other hand, helps e-commerce businesses to solve working capital problems by ensuring cash before deliveries and providing certain finances to help them continue their proceedings.
The company aims to utilize these funds to expand its services in around 15 to 20 more cities in Pakistan hence increasing the workforce and launching more fintech products.
Despite the e-commerce ecosystem massively growing, the majority of the population in the country hasn’t completely switched to online shopping which is somewhat of a challenge for the startups in Pakistan.
