(MENAFN- Daily News Egypt) Turbo for shipping services, an emerging company in the field of logistics and shipping, is in negotiations with several foreign individual investors to obtain a financing round to fund its expansion plans in Egypt and abroad. The company aims to close the financing round within six months, according to its CEO Qassem Omran.
Omran said that the company plans to expand its services outside Egypt, especially in the Gulf markets, particularly in Saudi Arabia and the UAE. He said that the company delivers more than 250,000 shipments per month, with an average price of about EGP 38.
Omran also revealed that the company acquired X-ZONE, a business development and marketing services company, and invested in Stox, a storage services company, as part of its vision to become the lifeline of e-commerce in the world. He said that the company seeks to build an integrated support system for merchants and e-commerce companies to promote sustainable development and develop the logistics sector in Egypt.
Turbo was established in Egypt in 2017 and provides its services through more than 65 branches across the country. The company has more than 500 certified captains to serve more than 3,000 active customers and meet their needs in the field of local and international shipping. The company relies heavily on modern technology and digital applications, which allow customers to track their shipments and submit shipping requests easily.
Turbo's strategy focuses on expanding its business volume in the Egyptian market and making it a regional center for e-commerce in the Middle East and North Africa. The size of the e-commerce market in the Middle East is expected to reach $100bn by 2025, and reports indicate that 70% of consumers in the Middle East are willing to pay more for same-day delivery and 50% are willing to pay more for sustainable delivery options.
Omran added that Turbo has achieved remarkable growth in the shipping services sector and has reached an amazing level of sustainability. He said that the company's business volume exceeded EGP 1bn at the end of last year, which represents a growth rate of 100% compared to the previous year. He also said that the company works to expand its international services to meet the needs of customers wishing to ship to and from Egypt.
He concluded by saying that Turbo seeks to increase the number of branches to reach 300 by the end of 2025, with a capacity of up to 3,000 vehicles, to provide high-quality shipping services with the shortest delivery time.
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