Mubadala, VNV Global, RDIF and Flashpoint Venture Capital invest in e-commerce business
Backed by heavyweight investors with fresh US$35 million series C funding, WeFast has rebranded as Borzo to unite its businesses of ‘crowdsourced same-day delivery service’ in 10 difference countries and strengthen its position in international market with new products.
Borzo said its Series C investors include Mubadala, VNV Global, RDIF, Flashpoint Venture Capital and others. With the money raised, the company plans to strengthen its position on the international market under the Borzo brand and develop new products.
The coronavirus pandemic accelerated an already rising digital economy, shifting consumer habits and setting new behavioral trends. Delivery apps have become more important for both business owners and their customers as during and even after the coronavirus pandemic people are more likely to order home delivery. This applies not only to food, but also to different goods – despite the demand, the options for affordable, same-day delivery of goods are very limited and Borzo solves this problem for its business customers.
Borzo enables same-day delivery via any route, any transport, any weight or size, for a competitive price. All customers need to do is request a delivery on the Borzo website, in the mobile app or via its API and a trusted courier will pick up and deliver the requested item. Behind the scenes, the company applies its highly advanced algorithms to enable affordable, fast, precise delivery for the mass market – the algorithms optimize numerous parallel deliveries taking into account the geographical routes, packages’ contents, couriers and many others to ensure the feasibility of the same-day delivery.
“We at Borzo always believed on-demand delivery will become a new normal as it’s beneficial for all parties involved and we’re glad it’s happening,” Mike Alexandrovski, founder of Borzo, said in a release on 31 Aug 2021 from Mumbai.
“With the new round closed, we continue to move toward our goal of becoming one of the top courier delivery companies in every market we operate in. To achieve this goal, we believe it’s important to ensure operational synchronicity and integrity of the company’s brand perception, and that’s why we rebranded it to Borzo,” he said.
Founded in 2012, Borzo provides same-day delivery to a rapidly expanding customer base of two million users and its business has been doubling for 5 years straight. The company has operations in 10 countries including Brazil, India, Indonesia, Korea, Malaysia, Mexico, the Philippines, Russia, Turkey and Vietnam.
Borzo has over 2.5 million couriers and 2 million active customers, 75% of which are small and medium-sized businesses. It fulfills over 3 million orders per month, while its annual gross revenue runrate approaches US$150 million. Combining all of Borzo’s operations across 10 countries under the same name will help the company optimize its marketing resources and build a universally recognisable global brand. Borzo will continue developing each of its markets individually through local teams and relevant positioning to provide a scalable product to its customers.
Faris Al Mazrui, Head of Russia and CIS at Mubadala, said, “The true fundamental shift in e-Commerce took place with the increasing reliability and convenience of on-demand delivery services. In Borzo, we find a team with a clear vision on the opportunity in the evolving on-demand delivery space. They have succeeded in going global, becoming competitive in 10 new international markets. We are excited to partner with Mike and Borzo as they continue on their journey.”
“As the demand for delivery services is growing and the e-commerce segment is expanding, we see a good market opportunity for Borzo – and the team is succeeding in harnessing the power of network effects to turn this opportunity into an ultimate advantage,” added Per Brilioth, CEO at VNV Global.
Borzo is a global delivery service that enables intracity delivery for private customers and businesses. Deliveries range from on-demand to same-day and can be performed via any route, any transport, at any weight or size, for a competitive price. Their algorithms optimize numerous parallel deliveries taking into account the geographical routes, packages’ contents, couriers and many others to ensure the feasibility of the same-day delivery. #investment #banking #funding #technology /fiinews.com
