India’s Ecom Express invests Tk 1.0b in Bangladesh’s Paperfly
Ecom Express, India’s leading technology-enabled end-to-end e-commerce logistics solutions provider, has invested around Tk 1.0 billion (Tk 100 crore) in Paperfly, the largest home delivery service network in Bangladesh.
The investment was made to fast-track Paperfly's vision of capturing a lion's share in Bangladesh's growing e-commerce industry, said a press release on Tuesday.
Founded in 2016 by Shahriar Hasan, Razibul Islam, Rahath Ahmed and Shamsuddin Ahmed, Paperfly is the first homegrown technology-enabled logistics company in Bangladesh and it has been able to scale up to the size that it is today in a very short span of time.
This investment marks Ecom Express’ first presence outside India after redefining e-commerce logistics in its home country driven by innovative technology-led solutions and an unparalleled network that reaches almost 1 million people daily through its 2,900 delivery points across India.
Pursuing the investment, Paperfly and Ecom Express, backed by Warburg Pincus and CDC Group, will work closely towards the transformation of Bangladesh's logistics industry through the use of intelligence-driven automation and data sciences, accelerating the implementation of advanced supply chain and logistics processes and adopting agile solutions in the delivery warehouse.
Speaking on the investment and partnership, Shahriar Hasan, Founder & CEO of Paperfly, said, “Bangladesh’s logistics industry must evolve in many folds to keep up with modern purchase behaviours from an increasingly digitised society."
He said, “We want to lead that evolution in both e-commerce and traditional logistics by integrating technology to deliver a superior experience to both our clients and customers. The partnership with Ecom Express will enhance our credibility and we look forward to consolidating Bangladesh’s logistics landscape further and for the better.”
TA Krishnan, CEO and Co-Founder, Ecom Express said Paperfly has established itself as a prominent enabler to online businesses through its strong logistics experience and entrepreneurial leadership team, reports UNB.
It said, “Our investment is an opportunity to partner with the company that is delivering rapid growth in the home delivery space while building a robust and sustainable operation for the long term. We look forward to unlocking Paperfly’s potential to provide superior customer experiences across its supply value chain by integrating e-commerce, logistics and technology ecosystem.’’