Rider raises $2.3m in seed round

KARACHI: Rider, a last-mile delivery partner for e-commerce retailers, has raised $2.3 million in a seed round led by venture capital firm Global Founders Capital, Fatima Gobi Ventures and Asian Development Bank.

A press release said on Wednesday that TPL E-Ventures and Transhold also participated in the seed round.

The Karachi-based B2B2C service, which was launched in 2019, operates in over 80 cities across Pakistan, with shipper clients including top-five online retailers such as Khaadi and Daraz.

The startup’s 500-strong delivery agent fleet — which is scalable at peak times — has thus far delivered more than 1.5 million e-commerce parcels across Pakistan with a market-leading success rate of 93 per cent, the press release said.