[Funding alert] Gurugram startup Ecom Express expands to Bangladesh; invests $11M in Paperfly
Gurugram-headquartered logistics solutions provider Ecom Express on Tuesday said it has invested $11 million (about Rs 80.6 crore) in Bangladesh's largest third-party ecommerce logistics (3PL) firm Paperfly. Through this investment, Ecom Express is foraying into the Bangladesh market, marking its maiden venture outside India, the startup said in a statement. Founded in 2016 by Shahriar Hasan, Md Razibul Islam, Rahath Ahmed, and Shamsuddin Ahmed, Paperfly is the first homegrown technology-enabled logistics startup in Bangladesh. "The investments will be used by Paperfly towards the transformation of logistics through intelligence-driven automation and data sciences that would enable the startup to meet the fast-growing demand for quality ecommerce logistics services in Bangladesh," the statement said. Founded in 2012, Ecom Express works with ecommerce companies, including Amazon, Flipkart, Paytm, and Udaan to provide express delivery and fulfilment services.