X-ERA for tech services and logistics has completed the acquisition of Egypt’s B2B e-commerce app and platform Speed. The Speed B2B e-commerce platform is an affiliate of Speed International for distribution and logistics.
UAE-based X-ERA is now revamping the Speed B2B app with its partners to make it more user-friendly, as well as furthering the inclusion of features and benefits to FMCG merchants and retailers. It is also planning to invest millions of dollars in tech development and geographic expansion according to the press statement.
“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. Through the relaunch, the Speed app would get a new branding and identity, enhancing its USP for the small and medium-sized grocery store owners it serves,” Mahmoud El-Enani, X-ERA’s CEO, said.
Speed’s platform enables small & medium-sized grocery store owners in Egypt to procure inventory from wholesalers, distributors, and manufacturers at transparent rates and also access a one-stop shop to explore a wide variety of products from multiple brands.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.