- UAE-based logistics services provider X-ERA, has acquired Egypt’s B2B marketplace SPEED, as part of its international expansion strategy. The value of the acquisition remains undisclosed.
- SPEED, a subsidiary of SPEED International for Distribution and Logistics, connects FMCG suppliers with small to medium-sized merchants and retailers, with plans to introduce B2C services as well on its platform.
- SPEED has signed up over 35,000 merchants, and is planning to target a total of 100,000 by mid-2023.
UAE-based X-ERA for tech-services and logistics has completed its takeover of Egypt’s growing B2B e-commerce platform SPEED.
SPEED is an affiliate of SPEED International for Distribution & Logistics. The takeover marks a significant milestone in the digital transformation that aims at connecting FMCG supplies with small – medium merchants, retailers and soon consumers through digital platforms.
As a digital business solution company, X-ERA is now revamping SPEED with its partners to make it more user-friendly, as well as furthering inclusion of features and benefits to FMCG merchants and retailers.
The platform is enabling small & medium-sized grocery store owners in Egypt to procure inventory not only from wholesalers, distributors, and manufacturers at transparent rates; retailers can also access a one-stop shop to explore a wide variety of products from multiple brands. They can make a basket as per their stock requirements, place an order and get deliveries within 24 hours a day, 7 days a week. All this takes place through their smartphones while they’re doing the business as usual at their own grocery store.
X-ERA’s mission is to re-develop the informal market using innovative business solutions and enabling technologies designed to fit retailers’ needs in various geographic areas. Its mission is to empower and enable grocers, retailers, merchants by benefiting access to a wide range of products, premium service and operational support for elevating their capabilities within all the day-to-day operations aspects.
SPEED Chairperson Ahmed Hassan commented on this segregation and transaction saying: “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.
The prospective plans are also for nationwide expansion by the end of 2023, versus 9 governorates currently. X-ERA CEO Mahmoud El-Enani said: “Through the re-launch, the SPEED app would get a new branding and identity, enhancing its USP for the small and medium-sized grocery store owners it serves.”
X-ERA is planning to invest millions of dollars in tech development and geographic expansion.