In order to further its worldwide development plan, UAE-based logistics services business X-ERA has bought Egyptian B2B marketplace SPEED for an unknown sum.
SPEED, which has more than 35,000 merchant members, links FMCG suppliers with small- to medium-sized retailers and merchants. By the middle of 2023, it hopes to reach 100,000 users overall and will also roll out B2C services on its platform.
For an unknown sum, the UAE-based IT services and logistics business X-ERA has now acquired SPEED. With its partners, X-ERA wants to redesign the platform to make it more user-friendly while also adding new features and advantages for FMCG merchants and retailers.
The goal of X-ERA is to revitalize the black market via the use of cutting-edge business models and technologically enabled solutions tailored to the requirements of merchants across a range of geographies. Its goal is to empower and equip retailers, wholesalers, and merchants by giving them access to a broad variety of items, first-rate service, and operational support that will enhance all elements of their daily operations.
Ahmed Hassan, chair of SPEED, said that the agreement will transform Egyptian B2B FMCG e-commerce.
“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 said.
By the end of 2023, there are future plans to expand nationally.
“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,” said X-ERA CEO Mahmoud El-Enani.
