X-ERA Acquired Egyptian B2B Platform, SPEED
X-ERA, a logistics service provider based in the UAE has recently acquired SPEED, an Egyptian B2B marketplace. This acquisition is seen as part of X-ERA’s international expansion plan. The acquisition value has remained undisclosed.
This acquisition deal was disclosed via a press release.
As a subsidiary of SPEED International for Distribution and Logistics, SPEED links FMCG suppliers with SMEs and retailers with the intention to increase B2c as a service and likewise on its platform.
Since it launched, the Egyptian startup has onboarded about 35,000 merchants, while it also planned to signup another 100,000 by the middle of 2023.
Part of the press release reads, “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 the inclusion of features and benefits to FMCG merchants and retailers.”
SPEED became a platform of interest because of the adaptive feature on its platform. through SPEED SMEs grocery-focused businesses are enabled to provide inventory from manufacturers, distributors and wholesalers at transparent prices. The platform also gives retailers access to a one-stop shop feature, whereby users can explore different types of products from various brands.
The release also reveals X-ERA’s intention to create an evolution within the informal market, making use of various innovative business tools and likewise enabling technologies created to satisfy retailers’ needs across different geographical locations.
Speaking about the acquisition and transaction and differentiation, Ahmed Hassan, SPEED Chairperson, said, “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”.
He added “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.”