Rider raises $2.3mln

KARACHI: Rider, a tech-led delivery partner for e-commerce retailers, has raised $2.3 million in a seed round led by venture capital firm Global Founders Capital, Fatima Gobi Ventures and Asian Development Bank, a statement said on Thursday.

TPL E-Ventures and Transhold also participated.

The Karachi-based B2B2C service was launched in 2019. Rider boasts coverage in over 80 cities across Pakistan, with shipper clients including Pakistan’s top five online retailers.

The startup’s 500-strong delivery agent fleet has delivered more than 1.5 million e-commerce parcels across Pakistan with a market-leading success rate of 93 percent.

Salman Allana, CEO of Rider, said the investors 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.