Saudi Arabia-based last-mile delivery startup Saee is planning to offer an initial public offering (IPO) next year on Nomu, Saudi Arabia’s alternative stock market exchange, Tariq AlTurkestani, CEO and co-founder of Saee told Wamda.
The startup is currently raising $10 million in a pre-Series B funding round, after raising $2.4 million in its Series A round last year.
Founded by Eihab Nassier and Tariq AlTurkestani, Saee offers last-mile delivery solutions to e-commerce businesses in Saudi.
“Our model is a little bit different than the other couriers: what we do is provide [retailers] with a good success rate. Whereas the other companies focus only on how many shipments they attempt to deliver,” said AlTurkestani.
In 2018, Saee delivered 160,000 shipments and now plans to fulfil 1.3 million shipments by the end of this year. According to AlTurkestani, Saudi last-mile delivery is currently worth around $4 billion; the number of shipments being delivered daily is 200,000.