The UAE-based tech-services and logistics company X-ERA has finished acquiring Egypt’s expanding B2B e-commerce platform SPEED. SPEED International for Distribution & Logistics is an affiliate of SPEED.
The acquisition represents a critical turning point in the digital revolution, which intends to use digital platforms to link FMCG suppliers with small- to medium-sized businesses, retailers, and eventually consumers.
As a provider of digital business solutions, X-ERA is currently updating SPEED with the help of its partners to make it more user-friendly and to include even more features and advantages for FMCG merchants and retailers.
Read also Egyptian E-commerce Platform Hoods Raises Funding From valU
Why The Acquisition?
The goal of X-ERA is to revitalise the black market by adopting cutting-edge business strategies and enabling technologies tailored to the requirements of retailers in varied geographical contexts. Its goal is to provide access to a wide variety of items, first-rate service, and operational assistance to empower and enable retailers, merchants, and grocery store owners to elevate their skills in all facets of day-to-day business operations.
“We believe will reshape the Egyptian B2B FMCG e-commerce; by offering micro, small and medium enterprises (MSMEs) a lot of benefits. It will also help SPEED companies to increase its focus in all supply chain and logistics services to all FMCG companies, as well as in the e-commerce ecosystem. One prime aim of the segregation is expansion; SPEED B2B e-commerce app’s current merchant/ retailers base stands at 35,000, and the prospective plans are for this to reach 100,000 by mid-2023,” SPEED Chairperson Ahmed Hassan said.
Read also UBA Expands Business Diversification as Hedge Against Financial Risks
Additionally, a statewide expansion is anticipated by the end of 2023, up from the present 9 governorates. The SPEED app would receive fresh branding and identity through the re-launch, increasing its USP for the small- and medium-sized grocery store owners it serves, according to X-ERA CEO Mahmoud El-Enani.
Millions of dollars will be spent by X-ERA on technological advancement and global expansion.
Small and medium-sized grocery store owners in Egypt now have access to a platform that allows them to purchase goods from wholesalers, distributors, and manufacturers at transparent prices. Retailers may now use a one-stop shop to browse a large selection of products from various brands. They are able to put together a basket based on their stock needs, place an order, and receive deliveries within 24 hours, seven days a week. They conduct all of this using their iPhones while operating their own grocery store as usual.
X-ERA Speed Egypt X-ERA Speed Egypt
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh