Tuesday, 24 May, 2022

Paperfly confirms Tk1b FDI

  • Staff Correspondent
  • 6 April, 2022 12:00 AM
  • Print news

Tech-based logistics company Paperfly has procured worth of Tk 1.02 billion foreign direct investment (FDI) from Indian Ecom Express.

“The fresh investment will utilise for expansion of traditional (express) courier service across the country. We aim to reach products at people’s door steps to anywhere within the country,” Rahath Ahmed, co-founder and chief marketing officer at Paperfly, told the Daily Sun Tuesday.

The company secured an investment worth of about Tk 1 billion from same source in January, 2021.

The journey of the company so far is a testament to the expertise and passion of the team to build new-age logistics, led by visionary and experienced founders, the company said in a news release on Tuesday.

The officials hoped the new investment will propel building a stronger nationwide network that is aimed to cater to the courier (express) & parcel industry needs, as well as the needs of fast-growing e-commerce deliveries.

In September last year, the company launched its first contract B2B, door-to-door express delivery services, targeting the local courier & parcel industry and experienced a phenomenal response.

The company also plans to invest in its own Internet of Things (IoT) solutions, working with local talents. This will not only bring in intelligent technology solutions to ensure even faster deliveries but will also offer local industries an opportunity to move up with improved reach and reliable services.

Paperfly seeks to differentiate by accelerating the implementation of advanced supply chain and logistics processes and adopting agile solutions in warehouse, fulfillment, and network operations.

The local e-commerce market was worth more than $2 billion dollars in 2021 and is projected to be doubled in the next few years.

The local courier market is currently at around Tk 12 billion in a year and lacks compliance and modern technologies, which is hindering its growth and relevance.

Paperfly plans to unlock this knot and play a pivotal role in bringing down logistics hassles to a zero level.

The strategic investor Ecom Express Limited is a leading end-to-end technology-enabled logistics solutions provider to the Indian e-commerce industry. Headquartered in Gurugram, India.

Ecom Express was founded in 2012 by TA Krishnan, Manju Dhawan, K Satyanarayana and Late Sanjeev Saxena with over 100 years of cumulative experience in the Indian logistics and distribution industry.

Regarding latest investment round, Ecom Express chief executive officer TA Krishnan said Paperfly is playing vital role for e-commerce growth expanding service across Bangladesh.

“This investment reinforces our confidence in the Bangladesh market and will enable the company to be future-ready in managing the scale and we look forward to being part of their growth journey,’’ he said.

Paperfly’ chief executive Shahriar Hasan said the investment confirms our commitment to completely transform this traditional industry in the coming years by integrating technology and compliance at the root level. “We are glad that the potential of Bangladesh logistics arena is being clearly recognized through this additional round of fund injection,” he added.

Currently, Paperfly employs around 2000 employees and provides nationwide delivery services through 200 points across the country. The company has it’s headquarter and central warehouse at Dhaka.

Founded in 2016 by Shahriar Hasan, Razibul Islam, Rahath Ahmed, and Shamsuddin Ahmed, Paperfly is the first homegrown tech-enabled logistics company in Bangladesh to offer nationwide coverage.

In the last 6 years, Paperfly has revolutionized the e-commerce logistics industry by introducing nationwide doorstep delivery, nationwide doorstep pickup, the speediest mid-mile network, app integration, cashless pay at the doorstep and much more.