Paperfly, Bangladesh’s biggest logistics company, bought back its 82% interest from Indian investor Ecom Express for a price that was not disclosed. This comes after Ecom Express faced problems in the global investment market, pushing them to withdraw from a planned second round of funding.
“Paperfly” wants to regain market share and profitability by the end of September 2024. They are working on both B2C and B2B markets and see room for expansion in Bangladesh’s growing e-commerce market.
Despite facing funding issues last year, “Paperfly” is back in operations and is confident about its future because of its technology platform, infrastructure, and skilled workforce. They expect to generate more than Tk40 crore in income by 2024.